After reading the article in the media last week which discussed...

After reading the article in the media last week which discussed Cap Energy and Trace Atlatnic and the Djiferee block, I decided to email Trace Atlantic. Trace Atlantic responded:

"Thank you for your interest in Trace Atlantic Oil Ltd and its Djiffere Block. Currently there are no farm-in option agreements in force and TAOL Senegal (Djiffere) is the sole partner of petrosen in the block Djiffere".

I am not sure what this means? I am hoping it simply means that no 'option' has been exercised by FAR (yet) - or is simply pending Government Approval... but the wording of this does concern me.

Furthermore, the following information at http://www.capenergy.co.uk/Operations/senegal/index.html

"In February 2014, Cap Energy Plc through its wholly owned subsidiary Sencap Limited acquired a 49% stake in TAOL Djiffere Limited (a subsidiary of Trace Atlantic Oil Limited), the company holding a 90% interest in the Djiffere Offshore Licence. TAOL Djiffere holds a 45.9% interest in the Djiffere Offshore Licence and is the operating partner. Petrosen, the national oil company, has a 10% carry during the first exploration period."


What worries me is that Cap Energy make reference to 'Cairn, FAR, Woodside' as JV partner in their presentation. Further more, I can't see any mention of 'FAR' having an option to acquire 75% of Djiferee in this presentation (I might have missed it, but I couldn't find it).

http://www.capenergy.co.uk/resources/CAP-Energy-Plc-Q1-2017.pdf

Thoughts ?

Ele.