Ann: Investor Presentation , page-18

Hi FYP

"the horizon gets further away despite walking towards it"

Probably one of the best business synopsis of the oil exploration game I've ever heard! You are a verbal genius.

I had a presso with CM today. A different oilie to most. But I detected her real African practical knowledge. Something missing from most Aussi explorers. So I got the 'Change'. So important when a new CEO steps into old shoes.

But the story has changed quite a bit. 9-12 Months ago, Senegal was but a previous MD's memory. And the focus, equity wise, has been since then, rightly upon the Kenyan offshore gas/oil.

Yet the Senegal F/O's have so much more gravitas than Kenya right now. Yes, there maybe a F/O of L6 in the next 2-5 months. And likely longer for L9.

But by then Cairn will have the chartered (the very huge) Cajun Express rig ($1-1.3m/d) coming down the West coast.. first 2 off Morocco starting Sept 7 then into the 154mmbbl "L" prospect probably around Feb 2014. Then, after the est 60 days, the rig is due to move onto the much deeper and much bigger/deeper (3+bbbl???) fan plays.

And FAR are free carried for this!?! Simply beautiful.

But then we have the East coast holders who also have a real exciting 6 months of F/O's and nearology. But nothing drilling on their blocks until min V late 2014.

Yes its great. Decision: pick up now or wait for a possible lull for sub-4??

If Senegal even touches an HC, the above para is likely to be superfluous.

Cheers,