Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-178

majors do not go it alone.

Yes that's right. But majors have projects in Namibia, in Sachalin, in Nigeria, in South Africa, in Qatar etc etc.

For them it makes sense if they have a new project to share and to have some money left for the other countries as well.

Ivz is only in one country with only one project.

If Ivz could get some cash for a farmin today and if Ivz would invest this money in exploration wells in South Africa and in Namibia today before we drill the first well, I would say, yes farm out.

But Ivz is in comparison to majors a one trick pony only, concentrated on and in one asset. This will be a maker or a breaker. And if Ivz drills just dusters there it will be broken with and without farmin partners.

If Ivz discovers oil, gas then I would say: now you are in the best position to talk about a farmin.