Ann: Proposals Update and New Shareholder Meeting Date, page-59

kkw

FAR needs to achieve a much better takeover price end of story! SNE’s much touted NPV at FID of US$10/barrel at US$70 oil would equate to US$330m or A$400m. Even allowing for the extra development costs and the fact its a fire sale its got to be worth A$300m. Add on FAN and other discoveries, all the sunk costs in appraisal and then The Gambia’s potential of around 1 Billion barrels and surely with a bouyant oil price FAR HAS TO BE WORTH A$350m or around 3.5 cents per share to someone like Lukoil or Petronas given the added benefit of being able to preempt WPL’s sell down.

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