Spot on Barney - great timing for FAR to appraise Senegal with current POO and cheap drill rates. Not sure what all the doom and gloom is about from some posters. From the report it is clear that Senegal is high priority for CNE. CNE need a good result in Senegal and therefore will push through the appraisal wells and IMO keep pushing to production in quickest time frame they can. This alleviates the fear of our two cashed up JV partners dragging the process out at the expense of FAR and it's shareholders - CNE need this to produce or show commercial reserves, especially with the $1.6 billion tax bill they received yesterday from the Indian Government which hit their SP hard last night.
Senegal's SNE-1 has again been highlighted as potentially the largest oil find in the world for 2014. I'm not sure why any holder was hoping for more certainty on the commerciality of SNE-1 and FAN -1, especially FAN-1, as all the announcements state and common sense dictates that this won't be known until the appraisals wells are completed. Good news from the CNE report is that these appraisal wells are still on track, which tells me the processed data up until this point is still very positive. Good news we only have a few months to wait until the appraisal plans and new exploratory wells are confirmed.
Time to relax and wait for the next round of drilling - crystal balls just won't cut it here unfortunately. Again the drill bit will have the final say.
Cheers
Plugged
PDYOR
FAR Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
