far and hunt oil in senegal, page-50

Let me clarify my last post with a number of points.
1. The signals the market received from the last issue of shares at 8 cents include
(a) There is no near term prospect of a farm-in to Senegal. The directors may have been anticipating a return of Senegal costs by now but they had to face reality.
(b) Without a farminee there is some doubt FAR can hold on to Senegal in any meaningful way. If FAR is forced to issue shares to cover the cost of 30% of the first well then 8 cents is overpriced.
2. The oil majors are spending four times more on share buybacks than greenfields exploration. Saw this on the oilgas thread on HC. So the majors view on coming oil demand must be pessimistic and therefore Senegal risk/reward unattractive.
3. Risk/reward for the majors is much better in Iraq.
4. Natgas in America really has fallen 40%.
5. In the book "The Naked Trader" the author makes a number of points about bulletin boards (pp 218 2nd edition paperback)including the following;
"A bad sign is if there are dozens of posters all enthusiastically discussing every tiny movement of the share. .... And worst of all is when there is loads of inside bitching and backbiting between posters."
Sums up the FAR thread nicely atm.