we are getting closer, page-19

Senegal is a country where the national oil company has an equity stake in all JVs. In the case of Petrosen, they are free carried through all exploration operations. They only contribute their equity stake if oil or gas is discovered and the JV moves to the production phase. Now as a JV participant, they are free carried through all the data collection that occurred over the last few years, but best of all they are licensed owner of the data. This is what people need to realise. The 2D is done! The 3D is done! The CSEM is done! Petrosen is a licensed owner/user of the data. In that sense the licenses to the data are not even of value to FAR. They can't sell them on, Petrosen will just provide them to any other interested parties. While in Australia data is of value. Should you move on, you can sell the data to the new permit holder. The uncertainty is really great with this play. Senegal for a multitude of reasons, could push FAR out and market this acreage to the rest of the world. There will be no shortage of interested parties.

There is no further delay, when going with someone else. The data is there, Petrosen a licensed owner, get the big boys on board and get the job done. All this uncertainty surrounding FAR is the reason i reduced my holding and moved half into PCL.