4.6 mill shorted Monday to kill off the run, page-23

Hi all

Know nothing about charts but it looks like we are in a holding pattern at the moment, We have had a reasonable increase leading up to the next lot of news, but that increase only just makes up the drop we had after the ann that WPL was buying 35% at such a low price.

The direction of the SP will depend on the news and as I predicted some time ago we may not hear anything until they sort out the PE issue. Was hoping for news on DJ block and 3D, the 3D has been delayed as we expected to get the final data in July this year. The DJ option needs to be exercised by the 31/10/2016 which is only 10 days away. To make a decision on whether to exercise or not I believed was based on the 3D which the final data has not been delivered to FAR yet. Maybe they have seen enough in the data provided so far to make that decision but would have though they would release it to the market or include it in their presentations.

Regardless it appears that FAR will either ann on the 31/10/2016 that it is drilling the DJ block taking up its option or they will ann they have been granted an extension to make the decision until they get the 3D.

In regards to the drilling SNE, I don't think they will start drilling prior to Jan 2017 due to the time required to mobilise a rig and get it on site. I expected drilling news to be ann before now if they intended to be drilling Nov-Dec this year. Its part of the O&G industry that things slip back due to delays.

I truly hope that the PE issue is not delaying the development of SNE but we should have had news by now if everything was business as usual. In the overall scheme of the project this minor delay should have no impact (as long as its positive drilling results) as those working on the project have many other task to complete not reliant on the drilling results.

So we wait for the news, and we wait

IMHO, DYOR

Zip