significant upside, page-5

FAR still has 8 weeks from the 21st September to 23rd November as the operator to find a new partner & commit to a well. Assuming there are still interested parties in the 3 blocks it would be in their interests to negotiate with FAR to secure the blocks prior to the end of the lease.

Given that oil is back over $70 at barrel & world economies are in a lot better shape now than at the start of the year when the Shell deal was brokered, I would not be a surprised if there are more interested parties this time round.

IMO for these parties to wait until the FAR licenses expire with no guarantee that the Senegal Government would choose any of them would expose them to the risk of missing out completely on a West African Shelf play. Their safest way to secure these 3 blocks with excellent 3D seismic data & CSEM survey (worth over $20 mill) & billion boe potential is to negotiate a JV with FAR. The Rufisque shallow block also has gas potential.

Regardless of the CSEM results & the fact that there are large targets outside the CSEM survey area, I'm confident that we will see a new partner in a few weeks time and a much higher SP than the current oversold SP.

Please DYOR