CN do a Turnbull, page-77

Based on previous drill SP movement it is reasonable to expect a nice bump in coming months subject to positive well results this campaign. We have to keep investing in further exploration and development via CR though.......unless

1. Djiffere 75%. If FAR is able to avail themselves of 75% then options for farm out and resultant cash and free carry. This was why I bought in last year thinking I would have an answer by October 31 on farm-in. Not dead yet. No guidance on time frame any more but FAR have their shiny 3d final products by some media accounts so surely to go a decision soon.

2. PE. Yes that old chestnut. Not dead yet. No guidance on time frame or on their strategy moving forward any more. It is in amicable mediation but no material change in 7 months. Nuff said but would be an awesome surprise if they actually do pull it off. farm out again to TOTAL for cash / free carry. Do a deal with WPL for cash / free carry, I dont care but when is this happening?

3. Debt. Once reserves are booked borrowing in lieu of capital raise becomes an option. Can be risky with no source of income but no capital raise required oor perhaps a much smaller CR than otherwise. I noticed a few months ago FAR personnel doing presentation in the US on raising funds as a junior explorer. CN mentioned this in the Commsec briefing too - hint, hint. Not a big fan of debt myself, I'd rather do it as a CR.

4. Sell the FARm. Take over for a handsome profit. Unlikely unless they get one of Djiffere or PE over the line IMO.