out of the blue announcement this time?, page-6

There dosent need to be an indication or ASX release that a J.V is imminent.. just look at MEO they have been mentioning their J.V is imminent for the last 6 months and whats happened to there SP.

Here however are FAR ASX and Press releases over the last 6 months

24/08/2009 Shell elects not to exercise option on Senegal.

FAR is now free to commence discussions with other potential farmin partners and to
facilitate this process will seek an extension to the current Licence period that expires on 22
November 2009.


21/09/2009 asx release

FAR has received a number of unsolicited approaches and these are in the process of being followed up. As was the case in the previous farmout round this process may take several months while companies undertake technical due diligence.


24/12/2009 Hartleys report

Senegal Farmout When Not If, In Our Opinion

The acquisition of the Guinea Bissau permits compliments FARs existing West
African acreage in Senegal, immediately to the north. FAR is currently
negotiating a farmout on its Senegal acreage to be free carried through the
drilling of one well and recoup some past costs. We believe that a farmout is
highly likely to occur, given the increased activity offshore West Africa and
recent significant discoveries.

Timing is uncertain; however, the deal must be
done prior to the end of 2010 and in order to allow breathing space for negotiations it should occur several months before the deadline.

Price Target Increased from 7cps to 10cps
The Guinea Bissau acquisition, combined with likelihood of the Senegal farmout, has increased our short-term price target from 7cps to 10cps. We also deem it probable that the share price will continue to increase as speculation
surrounding a farmout increases with time and that,
in the event of a deal, could exceed 15cps and climb above 20cps prior to possible drilling in 2011.


27/01/2010 International Resources Journal Artcle.

Evans says that this process has been very
efficient and FAR is pleased with the way it has
been handled both on the company own part
and on that of the Senegalese government.

The fact that Shell came along, possibly the
largest oil company in the world, and knocked on
our door to come and work with us is indicative of
the sort of potential that exists where we�re looking
for oil here,he says.

Evans says that there will be large quantities of oil
found in Senegal and Guinea Bissau,
however the amount of exploration that has been done to date is quite limited.

so both the CEO and Hartleys are saying that the J.V agreement will take around 6 months to finalize

24/02/2010 6 MONTHS IS TODAY

Cheers.