Protecting and releasing true value of the block, page-19

Musical chairs r common amongst junior JV partners, particularly with FAR holding a smaller equity in the block ie 15% & Petrosen.

Noticed this with Woodside-HDR-ENI JV at Chinguetti (Mauritania), when WPL bought ENI's 35% for $77mil in 2003 & HDR took up 13% of this which they subsequently flogged to BG for US$133mil. It's the same old script with a different cast, only unknown variables r 'time' & 'price'.

As for the Chinese gospel, Sinopec were awarded the contract to build the pipeline from Jubilee oilfield (Ghana) to an onshore plant by the Ministry in Ghana (chk mofeg.gov.gh website). Work was slightly delayed & the field operator (KOS) cant produce more then 102k bopd of oil, with time lost in reinjecting gas back into the reservoir.

IMO, FAR can eventually cash out of Senegal as is the norm with most juniors & focus on Kenya/Guinea or find cash for the nxt well in 2015, u never know what's ahead.