Ann: First phase of FEED commences on SNE development Senegal, page-137

All the JV partners committed to see out the appraisal program. WPL took on that commitment when they bought COP Senegal and at the onset they acknowledged publicly their deal with COP had strings attached.

1. WPL were committed to see out the appraisal program.
2. WPL knew PE rights for the other JV partners existed.
3. WPL knew that Government approval was required.

In PC's own words COP were responsible to hand over clear title and if they were unable to do that by the end of that year WPL publicly stated they would just walk, they were also reassured by COP they would be totally reimbursed if clear title could not be achieved.

After two and a half years only item 1. has been actioned. Item 2 has progressed to arbitration and Item 3. Is on hold pending resolution to item 2.

These are the undisputed facts, now to move on past appraisal and take on the commitment for development it is crunch time.

Now all partners better be able to provide proof beyond a reasonable doubt that they have clear title and for that they had better be able to to convince the independent arbitrators that they compiled with the terms of the JOA. It's as simple as that.

The time Is rapidly approaching when this charade will be need to be vented out into the real world, into the cold hard light of day so the project can move on with a degree of certainty.

Just watch how easy this egg will be unscrambled by the arbitrators when a countries future is at stake.

Stick with the plan FAR we are all behind you.

MC