Ann: Trading Halt, page-77

Insaf,

They (FAR/CN) spent a long time (long visit) in UK this time around. Not sure if it concerned Senegal or Kenya farmouts (could be both). From the slideshow ( one before the Brizzie presso) they did "teasingly" make suggestive comment as to what can be expected in the future (last slide with the overlapping yellow print). They indicated rilling Results..... and many Deals.... late hour negotiation and phonecalls etc etc.

Further appraisal of prospect is going to cost much - something FAR cannot partake in unless they cut a deal with either/or both of CNE and CP. To me, a perfect scenario would be if that pass of 5% of the existing 15% and then be "freecarried" through to production. I think that is a bit wishful thinking and would still be happy if they retain 5% freecarried. I think this might be a very real scenario.

Of course - if FAR have good negotiators (and mindful that there was noise the the L6 farmout was to some extent dependant on the success of Senegal, could further suggest that FAR may try and retain a greater port of Senegal (maybe 7.5%-10%) freecarried in exchange for giving CNE/CP the privilege to farmin into the Kenya holdings. (the typical sor of announcement that my surface shortly after the Senegal results comes out (See correlation with CVN) - For that reason I'm not selling.

Interesting times ahead.

GLA