senegal, page-6

BB yep the ship will slowly right itself. As Harry said FAR have fulfilled all legal obligations on their Senegal blocks and have agreed to enter into the drilling phase by paying 5 mill security, so IMO Senegal Decree should arrive soon. Cash in the bank IMO will see FAR either drill a 500 mill boe fan play or a 1 bill boe Giant Buried Hill Play with or without Ophir.

If Ohir opt in then they will be the operator as per option and if they opt out then FAR can farm out from their original 90% stake. Remember the CR was not only to fund Kora, but also GB and Senegal exploration. FAR's Senegal blocks surveys showing much larger targets than AGC. FAR now moves on to Senegal.

If GB wells are drilled first then one will be a production appraisal well for FAR's 240 mill boe P50 Sinapa discovery in only 30 m of water.

IMO the cash in the bank and all surveys paid for will again see FAR drilling a multi-mill boe WA target during 2012.

African Petroleum possibly drilling an overlapping target has huge upside for FAR SH's and if AP do drill that well it will be as I understand it no cost to FAR.

Lots of upside from current SP level IMO with POO approaching $90 again.

PDYOR