AFR Articles, page-138

I’m new to Far however have been observing for a while.

As an observation WPL’s peter cole’s comments this week were definitive - I can see no wriggle room in them. If Far actually has any PE rights and they are proven Peter is cornered. If such an event occurs his reputation and credibility is damaged with his stakeholders (WPL shareholders). In my opinion it is a fair assumption to assume that Peter has received extensive legal advice before advising the market in such a definitive manner.

Accordingly, personally, I haven’t placed any value on any potential Far PE rights.

The above is not in anyway to say I am anti Far - on the contrary I think Far has huge potential with its existing confirmed stake in Senegal and the potentially unbelievable upside with The Gambia well this year. My model on Far based on factual fundamentals and existing knowns, has a significant valuation above the current price.

Unfortunately it doesn’t take into account fundamental risks such as sovereignty and funding. Africa is not exactly a stable environment. It probably explains the significant price differential between the current share price and what my model predicts is fair value.

BG