*FAR Price Target Cut 40% to A$0.06/Share by Morgan Stanley, page-129

I was considering why would FAR farm out its current Gambia WI? I know the simple answer is for another entity to pay for the drilling costs, but consider this from a risk reward perspective.

The next drill in gambia is seen as an extension of the SNE. There is greater surety in the upcoming Soloo drill, therefore, pending successful PE, wouldn’t it be a better option to hold onto the 50% in The Gambia SNE field ? Use those funds from an on sale from PE to help pay for SNE development but also keep the WI - at least for the Soloo drill?

If the connectivity is there - as expected - is this a better option than farming out a “certainty”?

Farmouts are typical to manage risk in exploration drilling and to manage costs. If the risk of a dry well is significantly reduced , surely we can manage the cost and maintain the 50% WI?

Thoughts?