AGM, page-7

Okay, so phone reception disappears in about 15 minutes time, so this is just a quick report on my main takeout from the AGM.

By my quick reckoning, based on today's revelations, FAR's underlying value - not yet recognised by the market - sits somewhere around Malcy's 25 cents but is probably higher. Consider:

> Cath said the market continues to assume COP's sale price of $2.20 reflects the value of a barrel of oil in Senegal and was worth seven cents per share to FAR. But ...

> Elsewhere around the World, 2C oil is selling for $US4-8 per barrel depending on the situation.

> At the same time, Mr Market continues to work on the so-far declared resource, in our case 641mb, one million more than Woodside has stated. However ...

> The connectivity results were absolutely outstanding. Privately, FAR anticipates recovery of 30-40% compared with the 20% currently factored in.

> There is now zero doubt that Sirius in the northern part of SNE. The next JV resource update in Aug/Sept will include Sirius. I'm not sure that registered with many at the meeting but I thought it dramatic news.

So we are now talking about a near-double recovery rate across a much bigger field - and a minimum doubling of the price-per-barrel. My head is spinning!

About to head into black hole, so must sign o........

OOO