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13:02
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Originally posted by Riskup
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I suppose my point is that CAP and Trace didn't have the funding to do anything in 2015 and would have lost the lease back to Senegal Govt (use it or lose it) until FAR saved their butts and shot the 3D. There is no way CAP/Trace could have contracted the seismics themselves, they would have needed more than $2m do do it independently. CAP/Trace are lucky to have 25%, that is better than 0% that would have otherwise been the case. A decision on whether FAR takes the option and drills should of course be based on whether the 3D has any quality prospects, which may or may not be the case. As a FAR shareholder I wouldn't want them to spend $?m on a drill if there are better prospects elsewhere.
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I think they have to drill by a certain date as part of the farm-in deal.
(20min delay)