Why Far is Undervalued., page-38

Good stuff DB and with VR 1 finding more and higher quality sands in the 500 series and the interference testing proving excellent connectivity in the 400 series sands it not unreasonable to expect lower well requirements for Phase 1 ...combined with rock bottom drilling costs is all good news...

Have been giving a bit more thought to where CNOOC fit in to the scheme of things. It's a State owned operation and as such maintaining reserves or making a profit is probably not a requirement, just supplying oil and gas to China ...that need not only be by exploration or buying out Companies but simply by supply contracts with other Companies....the AMI IMO has little to do with finding other leases and more to do with SNE and / or PE...it fills a dual purpose of showing FAR have a Major backer for PE purposes and gives CNOOC access to FAR,s oil..

So it wouldn't supprise me that with or without PE ,CNOOC becomes a supplier of finance for FAR through a supply contract or off take...

The AMI lasts for 2 years which would fit in nicely with FID when finance becomes a major focus for FAR. Anyway just some rambling thoughts ,as any Publicly owned Major needs to swallow other large Companies to maintain or increase reserves and are beholden to Shareholders not the State...

Cheers Whisky