Key points from AGM, page-97

Notes from Gold Coast Presentation

1. The “resort” is rather a post apocalyptic waste land and no money was wasted on biscuits and other extravagances. These guys seem totally focussed on getting the most from every one of our investment dollars.

2. The same HC warriors dominated questions perseverating on “PE” seemingly totally ignorant that there is a whole lot more to FAR. Unfortunately this left little time for a whole range of interesting question from some very intelligent investors.

3. Cairn(CNE) would like to sell down some of their share, possibly later this year. They will only sell when they believe it represents shareholder value. This will finally put a realistic value on this very sweet oil. My take away was that they would sell when they are offered $10/barrel. This will finally put a price on SNE towards the end of this year and definitely by FID. This will move FAR from speculative to investment in my portfolio.

4. There is no doubt that the Government of Senegal will take up their full 18% of SNE. From FID next year , FAR will own 13.7%? of SNE and be paying 13.7% of development costs

5. Talk of World Bank financing of SNE is probably based on a misunderstanding. World Bank will probably be financing Senegal’s 18% at very good rates and definitely overnighting that financing. This is a very good thing as it will deliver transparency to the project and make due diligence mu