Hypothetically speaking ..., page-49

IMO the value of the Senegal lease will rise with time ................... we already know that SNE and FAN combined have a recoverable BBO of round 700mb and this will rise as additional exploration wells into additional prospects eg Buried Hill, etc plus appraisal of both FAN-1 and SNE-1 is completed .............. right now I would estimate 25cent at the low end BUT once we are further into the appraisal it could potentially be a lot higher.

Basically the longer we wait the better the valuation will be but IMO I believe FAR and all SH's would be best served to see FAR go into production, the SP will kick up as the various milestones are achieved therefore if SH's have an aim of say 50-70cps or higher then IMO it will get there if we take the production route, if some SH's wish to wait they will be well served once production begins and FAR has the cash flow and is modelled round that of the Tullow Oil business model.

The Tullow SP its been nothing short of spectacular, rising from £178ps in Jan 2005 to £1534ps in Apr 2012 although in the last 18 – 24mths it has dropped be round £500ps now with a MC of £4.53b ……….. not a bad model to follow if SH's can wait, FAR definitely has the management and talent to take us there.

All IMO

HKP