"In other words..."... lol!... your words, perhaps. There are no...

"In other words..."... lol!... your words, perhaps.

There are no words other than those that are written in the announcement:

"In exchange of the farm in option, FAR shall fund a 3D survey in Djiffere,
estimated to cost US$1.1 million."

FAR funded/acquired a 3D survey. Period.

Then....... (this from FAR, to assist with your selective memory):

"FAR’s obligations under its agreements with Trace Atlantic Offshore Limited were met by acquiring a new 3D seismic data over the Djiffere block in late 2015.

FAR is not obliged to give Trace the seismic data, however FAR has fulfilled its requirement under the option agreement by acquiring the seismic. If FAR exercises the option then the data may be provided to the JV.

However the option cannot be exercised at this time as Trace appears to have failed to keep the permit in good standing and is required to lodge a bank guarantee before the next phase of the PSC can be entered.

Trace must put up a bank guarantee if they want to keep the block in good standing but they cannot seem to raise the money.

FAR still has the option over the permit once it is awarded to whoever puts up the money so the FAR option remains alive although we cannot act on it at this time. And there is no rush."

Comprende?

- No bank gurantee from Trace
- Permit is therefore not in good standing
- FAR cannot not exercise the option (IMO the 31 October 2016 exercise date was frustrated)
- FAR is not obliged to give Trace the seismic until the option is exercised
- Ball is in Trace's court

Perhaps your time would be better spent roughing up Trace to see how they are progressing with their bank guarantee... although, you may have trouble breaking their awkward silence.

gh.