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A1 and A4 heads of agreement, page-15

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Hotazel

3,444 Posts.

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18/04/17

20:12

Post #: 24124704
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Originally posted by Hotazel ↑

Thanks Manlai1. Very interesting.... ( refer to my previous posts on this issue ( the AP leases, particularly A1 & A4 in The Gambia)

If I had to guess, the pearls are heading FAR's way ( CNOOC excluded from the option and farmin agreements). Looks like identical situation with A5 & A2 where FAR is the party to farm in and then have enough capacity ( %stake) to draw in another party to fund the Option/farmin costs (CNOOC). Makes sense... and hence A1 & A4 having been excluded from the AMI because it had already been in final stages and already been "spoken" for. . AIMO.

Some resemblances in the make up of the "offers" between Erin and AP.. see the initial payment of $8.5mil odd.
As for the rest, pretty standards farmin arrangements.. .'Tis a bit dearer than Erin but as I've stated previously (IMO) all the pearls are in A1 & A4. The overall price ( for what stands to be gained in Senegal and the Gambia) seems right...Looks like AP's leases had all been packaged up (including the Senegal off-shore leases). Not much hope for the Senegal leases but it is all part and parcel to ensure that AP meets obligations to Senegal & Gambia governments. It's an extra "price" to pay for something not probably worth it ( Senegal leases) but with it comes the Gambia "string of pearls". All in all, great acquisition

You all may have missed a little sentence in an article that "Not So GoodOil" posted a couple days ago.. All pointing to FAR/CNOOC taking charge over the Senegal/Gambia off-shore leases but I think FAR, as in the case with ERIN farmin, fAR will be the vehicle... Not CNOOC's thing to engage in "piddly" agreements ( for want of better expression)at this early stage... think this is what might have persuaded CNOOC to engage with FAR because it seems FAR will have a holding over the entire North west african coastal region)...Could be that FAR take up options at own and then have flexibility to farm down to whomever..... AIMO

All just in my Opinion.

Let's wait and see.

Expand

OOPS!! Sorry guys! Big blunder on my part.. ( I thought SOSP Senegal was the leases lying to the west of FAR's Sangomar Deep Off-shore..)

In fact!!..
The SOSP PSC Senegal area is the huge block lying immediately south to A1 and A4. It encapsulates the "shelf" and is right on trend with SNE (on shelf)..and stretching through A1 & A4 and then extends into the SOSP area..... great acreage IMO.
See pg 2 of Mirabaud analysis below to get indication where SOSP lies.

http://www.africanpetroleum.com.au/...ncialdocs/170118_APCL - Eyes on the prize.pdf

FAR Price at posting: 8.8¢ Sentiment: Hold Disclosure: Held
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