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Quarterly is out, page-51

  1. 494 Posts.
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    I more concerned about the lack of information about Djiferre. Far from the "all questions will be answered", the quarterly just seems to add an extra layer of uncertainty.
    Why on Earth would Far suddenly come out with this  rather crucial extra step (in bold):
    FAR’s deadline to exercise its farm-in option will be the later of 31 October 2016 and execution of the Government Arête approving the completion of the current period work program commitments.
    Firstly, I'm not sure what that even means. Whose 'current work program commitments'? The next line gives a clue:
    The 3D seismic program acquired by FAR allows Trace Atlantic to meet these work program commitments and is pending Government approval which will not be unreasonably withheld.
    Does that mean Trace is too busy at the moment to do something they are supposed to do in the process?
    My understanding was it was a government  31st October deadline, rather than an agreement deadline with Trace Atlantic.
    But this suggests otherwise:
    FAR has an option agreement with Trace Atlantic to earn a 75% interest in Djiffere by drilling an exploration well, before 31 July 2018 (subject to Government approvals). [Comma added]
    I regard this extra information, concerning extra steps and delays, as material, that we should have known about before. Did Far not realise the process involved? Did the Government or Trace just inform them 'Oh, by the way, we have to wait for this and this.'?

    Far need to make a much clearer statement about Djiffere.
 
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