Adira week2 roundup, page-3

FAR's scheduled expenditure for Sept qtr was $11 mil, so their next cashflow statement should provide an idea of how they r tracking their expenses.

As u know, $1.1mil is what they need to spend which is fine as WDjff is a relatively smallish block (apprx 465 sqkms) so shouldn't take long to survey. I'd expect them to do a north-south (rather NW-SE) sweep, as the new block is just 39km long by 12-13kms wide, so shouldn't take long to complete. The 3Dseis will continue as they'll head up north towards Rufisque where other leads were picked up by Cairn.

September is almost over. Cairn's plan was to do a meet'n greet in Sept with the locals & appraise them abt the planned activities for 2017 (as per their CMD transcript). I hope they go back to back with their drilling, i.e, finish 3 commitment wells, do a DoC & then drill out Sirius, Soleil & Central Fan, that would b my preference. Which means FAR should start the door knock late Jan onwards or thereafter, ballpark estimate.

What they need from the current batch of 3D seismics is to identify any structural anomalies such as faults & truncations of the Albian sands that may create compartments across the SNE structure. And then, tie the subsurf data with the well control points.

Thankfully they have SNE-1 as a starting point with Oil in it. So the next 3 follow-up wells plus latest 3Dseis datasets will remove a lot of uncertainities (or increase the confidence levels). SNE-2 seems like a no brainer, 3kms north of SNE-1 on the crest of the structure - it still requires actual data that will b collated  from drilling/ coring/ production testing to refine their reservoir modeling.