hi elguidoquoteFAR advises that a delegation comprising two...

hi elguido
quote

FAR advises that a delegation comprising two directors and FAR?s country manager have held meetings with Petrosen and the newly appointed Minister for Energy for the Republic of Senegal concerning the second renewal of the Production Sharing Contract (PSC) which commences on 23 November 2010.
FAR's renewal under the PSC is subject to Ministerial approval and requires a Presidential Decree. The request is supported by Petrosen, the National Oil Company of Senegal.
Recent changes within various Ministries, including that of Energy, have resulted in delays in the processing of Decrees concerning both offshore and onshore PSC?s within Senegal.
FAR?s delegation was warmly received by the new Minister and assurances were given that the issuance of a Decree concerning FAR?s PSC would be made in due course.
FAR will provide a further ASX release once formal documents have been conveyed.
For information

end

the request is for a renewal.
renew
to begin or take up again, as an acquaintance, a conversation, etc.; resume.
2.
to make effective for an additional period: to renew a lease.
3.
to restore or replenish: to renew a stock of goods.
4.
to make, say, or do again.
5.
to revive; reestablish.
6.
to recover (youth, strength, etc.).
7.
to restore to a former state; make new or as if new again.

there is no contract hence the need to renew.no doubt the fulfilling of the psc should keep the next phase, that requires a commitment to drill,within FAR's reach.although the request for a 3 year term after being over 17 months at the table with no jv ,must be considered outside the parameters that ME so nicely quoted in the abn interview.4 to 6 months due diligence.then bringing onboard envoi.

FAR has negated its responsibility to keep its shareholder and the market fully informed.

other thing to note
FAR's interface is with petrosen,who in turn deal with the ministries.
AP had the FAR leases under review, and have now committed to applying for surrounding leases.good so far for FAR.

The PSC terms currently specify the requirement to drill a well within 2 years of entering the renewal period backed by a surety of US$5 million that is forfeitable in the event of non performance. FAR's renewal request is for a term of 3 years.

there has been lots of time used up by FAR 'in the cone of silence 'and all we have is OPHIR will review the leases up to 60 days after the kora well.

27/4/2010 abn interview 'west africa, very very hot play'

lots of rhetoric and no results.

possibilities abound but are you being kept well informed by your MD .

JV with ophir top marks to ME

JV with svenska [ discovery made now in evaluation ]ME at his best.

senegal in ' the cone of silence means ' annoying ' shareholders in the dark.
if senegal is the foundation of the company now. re its net value to the company and its shareholders.what value is there in silence.

wg