Cairn Update 17 Jan 2017, page-27

OFL8777,
On the cashcall,.. I read somewhere ( could have been a copy of the Upstream article) that Cairn were to make a cashcall later this month.. meaning that a cash call had not been made as yet.
On expenditure.. as stated previously.. the appraisal costs on SNE will more than cover the expenditure requirement for the Sangomar Deep lease But Cairn is talking about: "finalising the selection of further optional exploration and appraisal wells to follow the two firm wells and ensure efficient evaluation of the full licence area."

Full licence area means 3 leases.. Sangomar Deep Offshore, Sangomar Offshore and Rufisque Offshore. As mentioned the JV has more than expended what is necessary to keep Sangomar Deep in tact. The FANs are part of Sangomar Deep, as is SNE.
On Sangomar offshore they conducted a comprehensive 3D seis over the entire Sangomar lease..not long ago.. not sure how much expenditure that required but much had already been spent spent on the Sangomar Lease for purposes of expenditure requirement and in order to keep it in tact. I suspect that a bit more needs to be spent on Sangomar but not sure what the requirement is... perhaps an "appraisal well".. see comment below.
Then there is Rufisque... I suspect they will poke a hole.. on trend with the shelf discovery in order to meet expenditure requirements for the Rufisque lease.
At a quess ( they are talking about minimum 2 optional holes ( referring to "wells")) so I think they will put another hole in the FAN's because upside will be enormous.
They talk about further "optional exploration and appraisal wells"...
Does a hole in the FAN's count as "appraisal" or "exploration"??.. Certainly, any well in Rufisque will be viewed as "exploration".. not sure about a hole into Beer??.
However, If SNE further extends into Sangomar Lease, then that well in Sangomar will be a "further appraisal well".
Fact is, CN always said we're fully covered for the next drilling program... but that drilling program always envisaged only another 1 or 2 wells. Clearly we are now talking , "potentially" ( very likely) about 4 or more wells and FAR is simply not cashed up for such an extensive drill program.
I suspect we will all know in the next 48 hours.
Watching .... waiting...

I'm sure YA can provide some further insight.