Where are the oversubscribed buyers., page-43

GO... as far as I'm concerned, what is said at an AGM should be completely accessible to the general public by whatever means possible. It is no place for new material information or secrets of any kind so while I agree that the 'threat' you described is questionable, I would be inclined to follow common courtesy in this situation.

What chance of a response, you ask.. how does 100% sound? Here is Ian's reply:

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Hi -----

Nothing has changed in this situation from earlier in the year..
As we stated in the January quarterly report .......

"FAR has an option agreement with Trace Atlantic Offshore Limited to earn a 75% interest in the Djiffere block, offshore Senegal (subject to Senegal Government approvals). Processed seismic products have been received during the December quarter and FAR expects to be ready to make a final decision regarding its options once final processed data has been received and interpreted. FAR's obligations under it's agreements with Trace Atlantic Offshore Limited were met by acquiring a new 3D seismic data over the Djiffere block in late 2015."

FAR is not obliged to give trace the seismic data, however FAR has fulfilled it's requirement under the option agreement by acquiring the seismic. If FAR exercises the option then the data may be provided to the JV. However the option cannot be exercised at this time as Trace appears to have failed to keep the permit in good standing and required to lodge a bank guarantee before the next phase of the PSC can be entered. The ball is in Trace's court.

The journalist who keeps writing this rubbish does not even get the names of the blocks right and he never contacts FAR for any verification despite us contacting the organisation. He is a very poor journalist and again is wrong.

Trace must put up a bank guarantee if they want to keep the block in good standing but they cannot seem to raise the money.

FAR still has the option over the permit once it is awarded to whoever puts up the money so the FAR options remains alive although we cannot act on it at this time. And there is no rush.

It would be nice if the social media crowd understood that they should not believe everything they read in the press and cease the endless and frankly pointless questions on this topic.

When there is a material development to report we will report it.

Meanwhile there is nothing further to add on the subject.

Regards
Ian

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So... with the journalist now discredited, it's over to Trace for that bank guarantee. What I don't know is whether a deadline exists by which this needs to be in place. Even if Trace manage to raise the money, it would appear that no "mulling a fresh tender of 3D seismic" will prevent FAR from exercising it's 75% farm-in option if it so chooses.

Checkmate? I still believe FAR will strike when the when the iron's hot. Please DYOR.

gh.