Ann: Quarterly Cashflow Report, page-50

A major positive and credit to managements CR last year at 11 cents, certainly not without a bit of luck. On a quick bit of mathematics with the hedge of the dollar, FAR are approx 8 million dollars in front had the monies been retained in the Aussie currency, and a whole deal more if they had delayed the CR by 6 months, as the flavour in oilers deteriorated something savage in this corresponding time.  

They have made the correct decisions in the past, even though to the dismay of some. I for one believe they will make an appropriate call once again, and hopefully the same fate will follow. A cap raise in this climate would be potentially suicidal, and insulting as well. It looks like the board are prepared to roll the dice, and why not, the only thing to lose is failure in Senegal, and if so we will all be sitting on our investments for another decade, cheap CR or not.

I feel we are well advanced from the black/red on the roulette table, more like sitting at the blackjack table with a group of experienced Asian gamblers facing an inexperienced dealer.

My last thought and would be interested to hear others opinions, are COP really dazzled by Senegal, or is it because of their current rig commitments in Africa, and the fact that Cairn are the operators that this show must go forward, and to CNE this appears to be of great importance. I hope to hell Conoco are seeing the ...