Preffered chain of events?, page-4

The JV seem confident with SNE so I'd expect a 2C estimate for that (not C2, which denotes ethane for an oiler). SNE appears to be a straight-fwd development across the 46 sqkms extent. Just needs more wells across the field to suss out any 'hidden surprises' & flowrates (4k bopd or thereabouts should b fine). With a clear GOC & OWC and the rest of the data collated from the drilling (ie SWC's pressure gradient, reservoir quality etc) this should b the first cab off the ranks. With low costs this should b economical as well. Most of the Shelf drilling should b cheap & fast tracked.

So, chain of event should b:
- lock in Contingent resource first,
- lodge appraisal plan & estimated budget,
- lock in a rig,
- do roadshows,
- Spud in Q4 2015

That's appraisal & exploration program.

Once that's over, they need to compile Reserve estimates, fine tune their economic modelling, devlpm't costs & lodge a Devlpm't plan, budget etc with the Ministry to embark on the nxt phase.

So, still a few years to go b4 first oil from SNE & the cash bonanza from the Royalties, company tax for the Senegalese. The oil price should sort itself out by then, not that it affects cashflow outlook for non-producers for now. All FAR needs is sufficient cash to fund all of its Expenses with a CR when the SP rallies, this time nxt year. For now I don't see any major cash drawdown for 2014.