About to run again? Last chance for cheepies?, page-166

Correct.

YA would be able to point this discussion in the right direction.

Cosmo is being helpful with his inputs but is being a tad disingenuous with his aim to show that FAR is not going to be profitable.

Cosmo is right and he is also wrong. There are many factors at play with Govt, financiers and end buyers. For example, if we push to pay the development costs in the first 3 years it could take in the Senegalese governments write off provisions and see shareholders being very well rewarded over the remainder of the field life.

From what I am hearing it sounds like the JV have formed the finance committee and the first round of offers are looking very good for JV finance(better than FAR on their own). Furthermore, because Petrosen are part of the JV finance package it follows that, for them at least, they should be locking in finance via the JV before approving development. Because once they have approved development they are committing to the their portion of development costs( funding).

In other words they can't commit without knowing how they are going to pay....

So if they are locking into JV finance and the terms are good it follows that this will, more than likely, apply to FAR......so the development approvals should lift a lot of the uncertainties for FAR.

We will soon see.