Yes I sure games are a foot. I can perfectly understand why FAR...

Yes I sure games are a foot.

I can perfectly understand why FAR Board are keeping mum.

You don't telegraph your actions and plans until after the deal done.

Now it is pretty certain in my view that CNE will pre empt.

Therefore FAR needs approx USD 120 million in cash for its 9.45%.

So let's look at what CN can say to the bankers to encourage them to fund the pre emptive rights

1, massive RISC upgrade to 850 million barrels 2c plus confirmation of reservoir distribution

2, mega potential of 3S field with 3c above 2.5 billion barrels ie combining SNE with Soleid and Sirius

3, update on development cost and plans. Now much lower and cheaper.

If I was the merchant bank organising the funds would ask for a FAR convertible bond to the value of AUD 200 million with a 30% premium to current share price IE exercisable at say 9.75 cents per share. Coupon on the bond say zero for the first five years and then at 12% there after IE FAR can pay that rate in five years as SNE will be in production.

FAR board should say yes to such a deal.

The MB doing this would also like to keep the share price low as well