What has FAR got to offer this time to the Senegal Government...

What has FAR got to offer this time to the Senegal Government for a second renewal period ?.
They have introduced SHELL to the acerage.
They have some CSEM data .(Petrosen also has access)

without a binding JV commitment before Nov 20 or at least a binding MoU (as mentioned by DEX )Far might find it difficult this time to secure another renewal period from the Senegalese Government,

2008 September last year.

oil was at $35 A Barrel.
GFC was a major issue for all Countries concerned.
Far was offering to Senegal 2 written offers and a third pending ...

During September 2008 , a meeting was held by the Joint Venture in the United Kingdom to review the progress of farmout marketing. FAR is pleased to advise that written offers to participate in the drilling of a well from two parties were presented with a third offer pending.

To enable these offers to be fully considered and a farm-in partner or partners chosen to enable the drilling of a well the co-venturers, Senegal Hunt Oil Company (Operator) 60%, FAR 30% and Petrosen (Senegal’s National Oil Company) 10% have requested the current phase of the license be extended by one year. The application for the extension has been based on the following:
•
farm in offers have been obtained from industry participants with access to rigs and proven capacity to operate deepwater wells;
•
the joint venture has met all their obligations under the first renewal period and have spent US$17 million being twice the minimum amount specified under the Contract;
•
in doing so the JV has acquired one of the largest 3D surveys off the northwest coast of Africa covering an area exceeding 2000 square kilometers resulting in a high quality data set that has been processed into a world class seismic volume;
•
the work has been accomplished as quickly as possible with due care and attention to detail and resulted in offers being generated.
FAR is seeking to be free carried through the drilling of one well.

Fast forward to October 2009

Oil is $70+ a barrel
GFC over,
China approaching Governments directly bypassing OIL companies buying oil and mineral resources,
Rocksource, OPhir committing to drilling AGC Profond on CSEM data,WITHIN time frames,
huge offshore find in neighbouring countries.