Hi all Had a look at Bell's Nov 14 report and the difference...

Hi all

Had a look at Bell's Nov 14 report and the difference prospects which they got from FAR and then compared them against the current prospects and noticed three main differences, Soleil and Sirius are new ,the shapes of all the prospects have changed and the best estimates have also changed?

Best estimate in Nov 14 were 2004 mmbbls and now 1500mmbbls not including FAN and SNE. This is a drop of 25% on the Nov 14 figures.

The only activity I understand the JV was doing over this period of time was calibrating the drill data to 3D seismic data.

How does the calibration of data come up with

a) new prospects
b) different shapes to the prospects
c) different values of best estimates

does the new data now mean that the JV have a better idea of what is there hence a higher level of confidence?

When you look at the old and new prospects side by side they look quite different.

I believe we are in for a very interesting period of news. FAR management I believe are trying to maximise the impact of this news, e.g. the farm in agreement over the new block would have been negotiated some time ago, even at the same time that H had sent his email regarding this point, and what did he get .. very general response but no ann. Then Ya pointed out that the new 3D was over this new block so we knew something was up but didn't connect the dots until we got the ann.

FAR management has attempted to surprise the market but as yet this has not work, lets hope the next few ann do surprise us in a good way

DYOR and GLTA

OFL

PS sorry if any of the above has been covered before