PE/project conundrum...up to Banks and the Govt., page-14

The question that needs to be asked is how did we get ourselves into this situation? Was the JV agreement in the first place too interpretive too allow COP to structure the sale in the way they did or was it tight but they simply walked over us knowing the time line will be stacked against FAR?
If it was the former then management has a lot to answer to because this is the bread and butter of every junior explorer, if it was the latter then I'm ok with it because you are simply being bullied.

Also, on Gambia. The majority of people think that success is a foregone conclusion. There is a difference between technical success and commercial success. The current COS of 55% reflects technical success which means we simply have to get onto the P99 or P90 (whoever you work for) resource distribution. This might be as little as a 10 m oil column. What we have seen from exploration and appraisal drilling around SNE is that the petroleum system is not that simple. SNE North, on trend with SNE for example had different contacts and overall a greater gas to liquids ratio implying compartmentalisation and variability in the PVT data. The distance from SNE North to SNE 1 is probably as great or if not shorter as from SNE 1 to Samo. It wouldn't surprise me at all if were to encounter a different hydrocarbon phase and contacts at Samo entirely separated from SNE.

FAR is talking about the sands thickening away from SNE towards Samo. Is this based on seismic or is it also based on the actual well result of Jammah 1? Jammah 1 logs have a much greater weight on the reservoir distribution then seismic stratigraphy. I haven't seen one slide where the results of Jammah 1 are used to back up the reservoir story.

Overall, as an explorationist myself I do think we have great acreage here but we also need to ask the right and probing questions, not relying on "Cath's eyes lightning up when talking about Samo" because at the same time there is a 45% chance of finding nothing at Samo and PE dying a slow death in the courts.

Sitting on prime acreage like FAR does there is more to loose then to win. By loose I mean full upside value.