Apologies in advance for the extended response. Seems a bit late...

Apologies in advance for the extended response.
Seems a bit late to still be looking for funding partners a few months out from a drill no?

The article in question does not seem to draw this conclusion from any specific source. Rather, it seems that Ophir's quest for additional funding partners is pure speculation drawn by the author's belief that Ophir does not want to take the risk of throwing $27.2mil at a wildcat. For copyright purposes I can't reproduce the exact wording but basically it says the Kora well will cost 32mil therefore Ophir will need more partners because it can?t handle the risk and cost of not doing it.

The risk profile applied to Ophir's AGC profound interests seems completely unsubstantiated. This is evident in Ophir's aggressive exploration strategy. In 2008, Ophir drilled 5 wells off Equatorial Guinea and Gabon, footing a 100% bill for an 80% and 100% beneficial interest respectively. I think it's pretty clear the boys at Ophir are some packing balls of steel.

The only flipside to this is their decision to farm out 60% of their Tanzania blocks to BG (who are contributing 85% costs with a 3 well program that began this year). But, in the Tanzania blocks they were favouring a commercial gas find over oil and surprise surprise they announced in October they found thick gas-bearing sands. This is important because they just don't know whether AGC is more likely to yield commercial oil vs. commercial gas, while they do know they've got a very good chance of finding hydrocarbons. This is extremely important in my opinion and makes perfect sense given this article published in the Australian just today:

http://www.theaustralian.com.au/business/mining-energy/global-gas-glut-threatens-alternative-power-sources-warns-iea/story-e6frg9ef-1225950688234

Global supplies of LNG are expected to exceed demand by 150 billion cubic metres annually in the years ahead. Conversely, oil is believed to have already peaked production back in 2006 at 70million barrels per day while currently global production is around 69million.

In light of this, it makes perfect sense reducing their cost/risk exposure to gas developments.

Furthermore, the drilling contract for Tanzania was announced AFTER the farmout agreement. So it would seem out of character and dam right irresponsible for Ophir to be awarding drilling contracts without the intention or ability to cover the cost.

The reason we got a piece of the AGC pie was not because Ophir couldn?t afford the cost and risk. It is because they can (and most likely will) gain a 25% to our Senegal leases which have an upside potential of over 5 billion bbls of oil, with $20mil of 3D seismic and $6mil CSEM. I think it's important to note that AGC profound has the potential for unrisked 1.7bil bbls resource and I presume our 5 bil figure is a potential unrisked resource also(can someone confirm?). So ATTEMPTING to compare apples to apples, I think it?s pretty clear Ophir is getting a good deal out of FAR, otherwise... why do it?

So in a roundabout way of saying it, I'm very very sceptical towards the credibility of the article (dam thing cost me $5 to read). Unless someone at African Energy Intelligence knows something more than we do... I don't see Ophir farming anymore of AGC out before Kora's drilled. Never know what could happen after that but patience and we'll find out.