This is the risk that has my attention from 2014 CNE Annual...

This is the risk that has my attention from 2014 CNE Annual Report Page 34

Failure to maximise Senegal acreage position
– Sub-optimal acreage retention – Investment commitments not fully optimised
– Actively engage with the Senegalese Government and JV partners to agree the way forward – Production Sharing Contract terms allow for a one-year extension to the exploration licence
This risk has been added in 2014. Key developments included: – The current Senegal licence requires a Declaration of Commerciality by February 2016 and Cairn has the right to extend for a further year which has been invoked – There is a risk that the relatively short timelines for moving to the exploitation permit will restrict the technical review of the acreage and opportunities may not be fully optimised
– Declaration of Commerciality for Sangomar, Sangomar Deep and Rufisque blocks in acceptable timeframe to maximise acreage retention