bargou farmout, page-2

Read the presentation VERY FUNNY

Page 20 - saying about retain cash for opportunities from companies with low cash and no hope of a capital raising. Need cash to take advantage of capital and credit squeezed market.

Yet confident of getting farm in partners for the bargou block in this same tight credit and capital market. If most small oil companies are cash strapped, then who is going to farm into the bargou block with cooper getting free carry terms on a 20% chance of success and 50 dollar oil.

I am a bit concerned about getting any farmin now, not just one where cooper are getting a free carry.

Hancock told me 2 months ago they were waiting for the exploration permit to be signed off by the tunisian government when ramadan finished. He indicated plenty of farm in partners were interested. Did he think it may have been a good idea to sign up one before the oil price got hammered. Whoever was interested before when oil was 100 is gone now otherwise the farmout ad brochure dated 10 November 2008 would not have been printed. This indicates they have no one.