Key points from AGM

Key points from AGM

Dear shareholders
Just got out of the FAR AGM and thought I’d post some key points to share. OOO will no doubt elaborate eloquently on some of these points

1. Nick mentioned that we will seek PE rights to be reinstated and will not look to do a deal for compensation. He added - there is lots of external interest if we are successful “...it’s facsinating to watch”.

2. ICC have appointed the chairperson for the arbitration. Terms of reference date, set by ICA is 29 June. This will layout the timetable for hearing which will give FAR and indication of a resolution. Also noted that COP has applied for extensions to get to this point, to which those request have been granted.

3. On slides anyway, but Senegalese government has committed to approving the exploitation plan by end of 2018, if it is submitted by 1st Sept. JV currently working towards submissions date of 1st Sept


4. SNE phase 1 will focus on the 500 series sands - not 400 series sands

5. Samo still will focus on the 400 series sands which are 300m-400m thick!!!!! Notwithstanding, drill will go down to the carbonates depth

6. Samo may be connected to SNE but treating it as separate. (My point here - Cath mentioned that the series 400 sands in SNE are spasmodic and not connected, so I can understand why liklihood of the 400 series sands in The Gambia is independent to the SNE field).

7. Final well location for Samo to be finalised by end of June.

8. FAR will travel to meet and hand over to Stena crew in July. Don’t know what this involves. Didn’t think of asking until I just wrote it. D’Oh!!

9. Stena crew will get drill in Sept and Lilley spud date is October 2018.

10. Cath mentioned that they have employed COPs drilling manager! Cath’s words - “he is a gun!”

11. FAR will likely abstain from voting on WPL as operator as so to no compromise it legal privilege for arbitration. Statement of commerciality is due by end of June. Cairn to relinquish operatorhsip at this point

12. If Erin is to sell it’s working interest in A2 and A5, there is no PE rights for FAR. However, Erin can’t sell it’s working interest if they are default to FAR! (My interpretation- if Erin is forced to sell, they must talk to FAR first).

13. With SNE now developing, and The Gambia starting exploration, next key focus is Gineau-Bissau. Currently looking to farm out now

14. Exciting times ahead!!! Load up if you can!