This is the response from an Analyst in Bell Potter to CNE's figures...
"Cairn joins the party on Senegal …..the UK press is bathing Cairn in congratulations on Senegal exploration upgrade yet the numbers seriously undercooked when one recalls FAR’s estimates of perhaps another 150 million more in 2c reserves a couple of months backs. Remember FAR has consistently predicted the next SNE resource upgrade months ahead of the operator.
Not that Australian institutions should be patting themselves on the back as they continue as they continue to ignore the opportunity of buying into one of the world’s biggest finds in the past five years at a fraction of discovery let alone replacement cost as even the most bearish analyst seeing 35 pc plus upside from current leb
Given there is a strong chance CNE wants to sell the undoubted development potential , there is a real possibility the numbers are being deliberately undercooked so management can claim exceptional selling skills in getting a better price. What is confusing is CNE appears to have conceded operatorship to Woodside – despite the dispute between FAR and Conoco Philips regarding pre-emptive rights within the partnership. Why ? Because being operator surely wants attract a higher exit price which operatorship brings.
Clearly not - FAR must sometimes feel they are a participant in that old Stealers Wheel song – Stuck In the Middle With You !"
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