quarterly - thoughts?, page-3

Previous round means when Shell were poking around. ie before the Nov extension.


My thoughts on the quarterly were in one word 'blah'.


The focus on Senegal was on Ophirs drill Qtr 1, 2011 which is understandable as FAR has pointed out. More attention on West Africa, better for us as shareholders and also a find gives us more hope/better % of finding oil on our leases.

However, I don't like the reference and focus on long lag time on these types of leases, with reference to Ophir director. We understand it takes a while, but I find that reference insulting to be honest. I have been a shareholder for three years and this lease seems to be no closer now to being drilled then it was then. Judging by this quarterly I fear it is still some way off. I do hope this initial reaction is wrong and I am being somewhat over critical and impatient.

Happy, but not estatic about the GB news, a well has to be drilled by Nov 2012. The 3d will hopefully define some new targets which is great, but I would hope FAR is long gone with a takeover by the time a well is due in GB. And to me that is the SP driver, spud date (although the market has still undervalued the potential of these 3 leases to date).

I shrug my shoulders and go and eat my portherhouse steak with gravy, hoping one day it will be a rib eye....

Regards,

Harry