Ann: Quarterly Activities Report , page-22

last night on CNN a topic was discussed "shortage in current production in the OIL and GAS industry".During the conversation , the general census of the speakers, was the sector needs large cash input in the following years to meet demand and supply needs and guess where most thought the hottest place ATM was............West Africa! With successful drilling ratio high , production cost /taxes low compared to else where , West Africa the place to be!

FAR have created a once in a life time opportunity for a small cap ASX company. Yes, we could have been dipping around North America, Australia and even Asia, but with limited success , at a higher price tag.

FAR have retained a large acerage , holding 90%, in part of the world where everyone got their noses in!

Concerning FAR SP, its always about Senegal, West Africa, since it retained 90% holding and became operator. Look at the FAR posts on HC , they re always about West Africa. Thats where ME parked himself and I for one , got on board for this ride.

Concerning Guinea Bissau , IMO it was a given and FAR have until the end of this year to take up a further lease extension of 4 years with Svenska and an obligation to drill one well. Therefore , FAR outlay for 2010 in these blocks is approx 2 million only. Is Senegal linked to this , maybe and I for one hope so! The up side to this deal and its synergy with Senegal is HUGE!

ME positioned FAR to be in a favorable position at the last quarter of this year. The JVP for Senegal will be in place , both lease extensions in Senegal/Guinea Bissau will be automatic as drilling dates will be confirmed , FAR will be cashed up with a further 21 million from its JVP in Senegal and also free carried through the first drill. Far will have the finance to contribute to the first well obligation in Guinea Bissau also, to top it off , I cant see any cap raising during this time.

The future JVP ANN will rocket the SP though the roof , as it establishes FAR to be in the above position and ME will be in positions to take this company way , way above it current standing!