The 5% COS is stated because FARs Senegal plays are in what can...

The 5% COS is stated because FARs Senegal plays are in what can be deemed as a new frontier. There is no discoveries in the area of FARs permits to make comparisons.

For those that don't understand, go here:
http://www.dvminternational.com/projects/tarfaya.shtml

Then scroll down to the sub-heading "Introduction" and look at the figure below that labelled "West Coast of Africa major fields showing the location of the Tarfaya Offshore Block"

What you can see there is North West Africa. Senegal lies in between two salt basins. FARs blocks lie smack bang in the middle of the two. From just looking at that picture you can see the productivity of the West African salt basins. You can see how little exploration has been performed on the North West from this diagram. You can also see how few discoveries off West Africa have been made outside the Salt Basins.

Oil and gas migrates and as you can see oil has been found all along the coast up to Sierra Leone. Now Guinea Bissau has oil to the south of Senegal and Mauritania has oil and gas to the north. There is a high possibility of hydrocarbons offshore Senegal, but it now comes down to whose willing to take the plunge.

FAR should just do what ADX did and allow a whole bunch of minnows to take an interest up and fund a portion of the drilling cost. Then we can finally get our well drilled without dilution and without throwing away $5 million. I think its about time FAR started looking at other financing options to get the wildcat in Senegal done. What's the use of spending all this time and money on the project just to see it slip away? Time to raise the cash.