FAR/CNOOC partnership might have Senegal govt's blessings, page-21

Camac (or Erin as they r called now) were awarded the Petroleum License in May 2012 by the Govt.
They were to 'Free' carry GNPC's 15% share.

Initial Exploration term was for a period of 4 Years & with a signing bonus of USD 1 mil.

That term has expired & is now followed by a First Extension period of 2 years.

3Dseis was shot in August 2015 by Polarcus Alima. They haven't got the cash to drill a Commitment well, hence the need to farmout which explains the move by FAR wherein they should reimburse past-costs to Erin (just like Cairn reimbursed FAR with ~USD10mil for Senegal past work costs for the 3Dseis done by CGG's vessel MV Symphony in 2007).

Hope to see them finalise a farmout with CNOOC & drill 1 well. Depending on the results the JV can apply for a second Exploration extension for 2 years or bail out, as is the norm.   

Erin should have the geophysical data from Chevron's Jammah-1 well that was drilled in Block A2. So that  info alongwith the latest 3D can help in Mapping of leads & pin-pointing a future Well location for drilling. CoS & size of the prospects is what most would like to see in future company updates.