do we have an extension or not?, page-6

Lets Look at the full press release in regards to the extension - unedited, and not just excerpts

Nov 12
"FAR is pleased to announce that it has received advice from the Minister of Energy for the Republic of Senegal confirming a one year extension to the First Renewal Period under the Contract for Exploration and Hydrocarbon Production Sharing covering the Rufisque and Sangomar and Sangomar Deep offshore blocks.
According to the Ministerial advice the extension granted to FAR will be for a one year period commencing from the date of a formal Presidential Decree to follow (as distinct from the current licence expiry date of 22 November 2009)."

Have we received a formal Presidental Decree to start the extension? not that I know of ...

Does this leave an escape clause for Senegal? yep, until its formal, anything could happen, especially from an African country. Does anyone recall a Presedential Decree being required / implemented for the first extension ?? I don't.

Will senegal cancel? highly unlikely, but technically it can. -- but if FAR does their job, they won't. If FAR can't find a JV, we're out anyway.

Would Senegal have granted even this version of an extension if nothing was in the pipeline for another JV prospect thru FAR in the short term? I doubt it.

Would all this been in place as Plan B in case Shell said no? Yep

Would FAR have had something, or someone, ready as their Plan B if Shell said no? Absolutely - they had no firm commitment from Shell other than taking more time to study the area, and pay for the peek.

Will something happen in next couple of months? I'm very confident we will know all by then - and it will be good, and we will be merry!