Djiffere

After reading the article in the media last week which discussed Cap Energy and Trace Atlatnic and the Djiferee block, I decided to email Trace Atlantic. Trace Atlantic responded:

"Thank you for your interest in Trace Atlantic Oil Ltd and its Djiffere Block. Currently there are no farm-in option agreements in force and TAOL Senegal (Djiffere) is the sole partner of petrosen in the block Djiffere".

I am not sure what this means? I am hoping it simply means that no 'option' has been exercised by FAR (yet) - or is simply pending Government Approval... but the wording of this does concern me.

Furthermore, the following information at http://www.capenergy.co.uk/Operations/senegal/index.html

"In February 2014, Cap Energy Plc through its wholly owned subsidiary Sencap Limited acquired a 49% stake in TAOL Djiffere Limited (a subsidiary of Trace Atlantic Oil Limited), the company holding a 90% interest in the Djiffere Offshore Licence. TAOL Djiffere holds a 45.9% interest in the Djiffere Offshore Licence and is the operating partner. Petrosen, the national oil company, has a 10% carry during the first exploration period."


What worries me is that Cap Energy make reference to 'Cairn, FAR, Woodside' as JV partner in their presentation. Further more, I can't see any mention of 'FAR' having an option to acquire 75% of Djiferee in this presentation (I might have missed it, but I couldn't find it).

http://www.capenergy.co.uk/resources/CAP-Energy-Plc-Q1-2017.pdf

Thoughts ?

Ele.