hunt out, page-26

AT this moment only very little info has been given by FAR regarding the move to gain 90% of the Senegal permits
re, ASX ann yesterday however
Malcolm in the middle post yesterday sounds resonable at this time :

This has occured due to Hunt Oil Senegal Ltd walking away from the permit to focus on other areas incl. considerable expenditure related to LNG project.

We believe (Hartleys) that the move by Hunt is strategic and that, while economic benefit for Hunt remains,it was considered to be immaterial in the context of the companies size and market conditions

This is a major coup and increase the chance of a farmout being completed and increased control and flexibility. Our valuation has increased , as it is now likely that any done deal will leave FAR with a greater % of remaining equity as well as a larger share of reclaimed past costs

Potential upside $6.90 based on a farm down to 45% on a gross recoverable billions barrells of oil or more