A 'testing' question, page-18

Whisky,

lets ignore Samo for now, since it is not expected to be in communication with SNE (based on what we have heard from FAR so far). However, when it comes to Soloo/Bambo, it is clear that FAR is really considering at least one of these prospects an appraisal of SNE, since they use an incredibly high 80% CoS.

If we set aside the political issues for a while, in my opinion the smart thing would be to develop SNE and "SNE South" (my shorthand for the part of SNE that may extend into Gambia and become Soloo or Bambo) jointly, while developing Samo and "Samo North" (the part of Soloo/Bamboo that is not in communication with SNE) together, with one single operator for each development. Whether the SNE and SNE South development would be through one larger or two FPSOs or as a sequential development, is a different issue that the partners 8and the governments) would need to address.

From a development and field perspective, ultimate recovery of each field and presumably the economics of each development, a joint and common development would be the best way to move forward. That is where unitization comes in.

Unitization could either happen across the border (if there is a connetction) as on Statfjord in the North Sea between UK and Norway (https://en.wikipedia.org/wiki/Statfjord_oil_field) or not happen, as seen on North Dome (Qatar) and South Pars (Iran) in the Persian/Arabian Gulf https://en.wikipedia.org/wiki/South_Pars/North_Dome_Gas-Condensate_field

From a field management persepctive unitization under one operator is by far the better route. Of course, if either one of Soloo or Bamboo is connected to SNE and one is not or connected to Samo, you could then have the complication that you have two different operators on two different horizons (fields) in the same area. That could be managed from a technical perspective. Politically speaking it may be an entirley different issue - Gambia may not want to have a Senegal based company operating part of an oil field in their country.

Either which way, finding out the extent of the fields sooner rather than later will be in everyones best interest. In fact, it would not surprise me if there is a discovery in Samo, that there will be an exploration well in Soloo/Bamboo very quickly thereafter (maybe after a cash raise). It would also not surprise me, if there is a connection between SNE and a field in Gambia, that Petronas would make an offer for Cairns share in SNE. Much better for everyone if there are the same partners on both sides of a border, unitization or no unitization. (WPL may of course seek to preempt a Cairn sale, which would be quite interesting from a legal perspective, if FAR shoud win their arbitration case).

All in my (not so) humble opinion, of course, but it hopefully explains why I think it would be prudent to drill Soloo/Bamboo "as soon as possible". Doesn't mean that either Petronas, FAR, Senegal or Gambia would agree, that is another matter altogether.