bargain time prior to spud, page-6

Just my Sunday ramblings... but I think they would be trying to negotiate a farm down of their FP stake (as they've previously annc)and need to good good dollars to fully or partially fund the drilling of FP2. So they need good seismic results, good analysis and good planning od the drill to get interest up. I'm not convinced FP2 is anywhere near the priority for the operator GGP, its just a bout side of the desk stuff. I for one would be happier if they got a new operator that had experience in the geography otherwise its pin holes in the ground.

As for Tunisia, i think we'll have indefinite delays whilst airstrikes are happening (no company in their right mind is going to drill for oil in a war zone), time to wait that one out. (but agree that upside could be enourmous!)

I would like more of a comprehensive update on Bongo (whilst we're waiting), i.e flow rates, forward drill programme, costs etc - because at least that one is producing (i wonder if the geology lends itself to fraccing?).

Nice to have a few irons in the fire, rather than one.

1c seems a miserable price, but the market has not seen them deliver on any promises yet and the spectre of CR is always around.


Holding & waiting with ever decreasing patience (but increasing "what if" excitment).


Cheers All

Maddoc