H (plus Aqua, OOO and others) .............. In my view its...

H (plus Aqua, OOO and others) .............. In my view its going to be interesting when commerciality is declared and COP takes over as operator, at that point COP will want to have a majority SH of the JV, this will raise a few points, first one is will Petrosan remain holding 10% or increase its holding as allowed under the JV agreement (and then have to find a few additional $US100m's), after that is solved will COP take ~10% from CNE or will they take over FAR's holding (and will FAR just sell out of Senegal after management have stated it will be an all or nothing bid albeit before DFF was obtained), or will COP take a bit from each to get their majority share, so many options would love to be a 'fly on the wall' of a few boardrooms!!!!

Or will FAR remain in the Senegal game (with either 13% or 15%) and go all the way into production!!!!

It will be very interesting to watch this play out IMO over the next 6-9months, Aqua's prediction of interesting times starting round June 2016 IMO is bang on.

HKP