Malcy’s Update

Cairn/Far
Cairn has announced that the Development and Exploitation plan for the SNE field offshore Senegal has been submitted on schedule to the Government of Senegal with approval targeted later this year. Interestingly it also announces that JV partner (subject to international arbitration) has exercised its option to become operator of the development. This is subject to Government consent but must be a very high risk strategy under the circumstances but clearly the Australian company fancy the bet and maybe even want to load more onto the court, we shall see. Either way the news is good for what is a truly huge, world class development and both Cairn and Far Limited will benefit significantly whatever happens.