Farjoy's email

Just received an email from Farjoy...

"Thank you for contacting me.
Farjoy made its investment decision on the assumption that about 6B barrels of recoverable oil would ultimately be discovered, of which FAR’s gross share would be about 1B.
I set out my reasoning process at the time, in a post which has been reproduced and should be readily available on social media. As well, some private correspondence was published (with my consent) which contained some further explanation.
So far, about 5B barrels of oil in place have been discovered, but only a portion (likely to be less than 50%) will be recoverable.
Interference testing within SNE and further drilling both up and down dip of SNE is necessary to characterise the field(s).
There are at least two fan structures which have not been drilled. FAN 1 sampled numerous structures and oils of different ages and qualities, which suggests that at least one further hole in that structure will be necessary before recoverability can be assessed (FAN 1 only has an oil in place estimate).
There is now an industry wide reluctance to drill off shore, especially deep sea. That makes any restructuring of interests in the joint operating agreement difficult.
At the same time, the oil price seems to have stabilised. Once Brent rises to 60 US dollars the value of the SNE field (which has very low extraction costs) will be much clearer.
I have no knowledge, beyond what I read in public releases, of the current state of play in the JOA.
I am not an expert in this field, and do not give financial advice.
You should bear in mind that most commentators describe investments in oil exploration companies as highly speculative.
Best regards
Tim