Appraisal program and FAN commerciality

I did finally get a reply to my question about FAR's statement that they are focussed on establishing the commerciality of both discoveries in 2015 and yet there is no planned appraisal on FAN in 2015. CN and GR seem to be too busy now with other things (and GR has just returned from an extensive overseas trip on behalf of the company I was told) so FAR have "outsourced" shareholder inquiries to a media consultancy and that's who replied on their behalf. The guy says he is working very closely with FAR. I won't provide his contact details here so that he is not swamped but I'm sure FAR will provide these if you contact them with an inquiry. Although perhaps not as satisfying as information direct from FAR management, I have posted his answers to my questions below:

The expectation seem to be for results at the end of March. Is this the most likley timing and are there any promotional activities being planned in the meantime?:

"The well results will certainly be released when all the information has been duly processed and assessed by the joint venture. Cairn Energy is the operator of the joint venture as you would be aware and as such is in control of the timing to a large extent.

Having said that FAR Ltd stands by its earlier statements given the information which is presently at hand.

There is a very large amount of information to be processed given the nature of these discoveries , however no definitive date can be given for the release of these results. Once all that information is assimilated the forward appraisal program can then be formulated. Rest assured everyone is working towards the earliest possible release of further information."

It was good to hear that at this late stage of the analyses FAR still stands by its earlier statements, which I take to mean "likely to be commercial, net pay to be increased at FAN, 2 stand alone developments, massive, enormous, transformational etc". So this perhaps debunks any suggestion that FAN has disappointed!


And regarding the appraisal program and FAN:

"As I mentioned the planned appraisal program cannot be finalised until all the well data is fully assessed.
Once that has been completed the appraisal program will be finalised and executed as appropriate to that information.

It is not yet clear how the appraisal program will evolve but FAR is very keen to establish commerciality as quickly as possible as you would imagine."

So ... FAN may be appraised in this program but what they have stated in the quarterly points to SNE being the priority. Obviously then FAR would like to establish commerciality on both in 2015 but it still depends on the assessment of the results and the JV's priorities.

H