Lets be clear about ASX announcements and Joint Operating...

Lets be clear about ASX announcements and Joint Operating Agreements which govern the operations of a Joint Venture.

All JOAs that I have seen have a specific clause relating to public announcements which provide for participants to make an announcement that is required by law such as stock exchange requirements, without agreement from their partners - e.g. see ii below. So if there is market sensitive information out there, FAR have the ability and obligation to announce it.

With respect to the current drilling operations I would have thought that once they have cored the reservoir and have logged it (with LWD), then that would be market sensitive and should be announced. If the share price takes a run, as it did earlier this week, with market sensitive information available but not announced, then the directors could find themselves in a spot of bother. When I saw the SP jump the other day I did wonder if they have cored and drilled the reservoir section.

Our directors need to grow a spine on the tight hole policy issue. As far as I can see it is only for the benefit of our much larger joint venture partners, not in the FAR shareholders interests. They are required to meet the continuous disclosure obligations of the ASX and I am sure that the Senegal JOA with provide for this.

• A Venturer may not without the prior agreement of the other Parties, issue or make any public announcement regarding this JOA or Joint Operations, unless it is necessary for the Venturer or its Affiliate to do so in order to comply in Australia or elsewhere with:

1. 1. 1. 1. 1. a statutory obligation; or
            2. a requirement of a competent Government agency or an established stock exchange on which such Venturer or Affiliate has its shares or debentures listed.