african petroleum awarded 2 senegal blocks, page-30

G'day Harry

Nice to see some optimism creeping back into the FAR thread. I agree with your thoughts regarding Flow TO but without any company announcements on what ME has planned and given time frames it’s hard to make an informed decision. I'm sure I'm in a similar position to a lot of other LT FAR holders trying to work out the company’s future direction. ME has always had a prospect & drilling plan in place. Currently the way I see it despite holding huge acreage the only sure thing is that Svenska intend to drill GB late 2012 or 2013. Remember GB does offer some huge targets and look forward to seeing the last survey results which should be out early 2012.

While it’s great to speculate all we can do is wait for ME to announce his plan. He made a bold play with the CR and Kora and while it disappointed we must give him credit in giving shareholders the opportunity to drill a large deep sea target.

IMO the Flow TO at this point in time seems to benefit Flow holders in the immediate future probably more so than FAR holders, but will give ME the benefit of the doubt that long term it will add value for LT FAR holders as well. Given the new Top 20 and the 43 FAR shares to 1 Flow and the new influx of Flows management I’m surprised more shareholders are not asking the question: Did FAR takeover Flow or did Flow takeover FAR? Was ME mitigating risk in case the unthinkable happens & the Senegal Decree is not given?

Lots of unanswered questions and we will just have to wait for the new FAR plan to be revealed. Speculating ME has always been chasing the Hardman Story, but with this huge acreage FAR has been accumulating is he now following the Ophir Story? Accumulate huge acreage and then list on AIM to raise funds to survey and drill? FAR will need much more cash on hand then they currently hold to service this new acreage and hold their leases.

Interesting times ahead. If we can get that elusive Senegal Decree in the bag, than FAR does have a lot to offer so there will be better days ahead. With world markets in current turmoil it’s not a bad time to sit on the sidelines so when the JV's are announced and drilling commences then market conditions will also be more conducive to take advantage of any good news.

IMO currently patience is needed. It took 7 or 8 years to realise FAR's first West Africa deep sea well but I'm sure the 2nd well will happen much sooner & it may be in East Africa. ME has made some good contacts over recent years and many who thought the Kora CR would fail may be surprised again. Good buying at current SP levels.

Cheers

PDYOR