1trader...I'd prefer to think the glass is half full instead of...

1trader...

I'd prefer to think the glass is half full instead of half empty & that the current SP is now underpinned by Sinapa - positively addressed by Hartley's as:

Hartleys report AUG 12 2010

"Guinea-Bissau Progresses "

Large Upside Potential

FAR is commencing a 1,600 square kilometre 3D seismic survey over its 15% owned acreage located offshore Guinea-Bissau. The survey will also include bathymetry and gravity gradiometry. The acreage contains the
existing Sinapa oil discovery, which lies in 30m of water and has estimated oil in place of 240 million barrels. The nearby Sardinha prospect has estimated potential for 219 million barrels of oil in place. On an unrisked
basis, using a 20% recover factor, this represents 14 million barrels of potential, net to FAR.
This could be worth >20cps and has, in our opinion,
gone unnoticed by the market to date."

In regards to Senegal targets if we do have a drilling schedule announced with the benefit good seismic results & better knowledge of the West African Shelf I was under the opinion drilling success was in the 25% area & recent drilling results up & down the coast running much higher than this - maybe someone can comment on this?


For LT holders it would be great to see a Senegal agreement signed soon & the icing on the cake would be for a drill schedule proving production at Sinapa next year. Svenska seem motivated to make this happen. Senegal could just live up to its promise & Hartleys figure of < 200cps realized. On the back of our current news drought delivering the current low SP levels IMO it's imperative to stay positive & not to get shaken out of the tree. POO is still over $70 per barrel. IMO very little downside but still lots of upside.

Last year we had one big egg in the basket, this year we have 2 big eggs in the basket!

PDYOR