**on farmout, page-2

in my opinion, yes.

the whole pitch of the block is the pre-salt potential and what prospective companies have likely done is said "we don't believe you. you go and get the new data and show us its there and we'll take the risk of missing out if it is".

that is why the farmout is not happening and why we had to raise all that money. the worst thing is we are risking the capital ourselves. what if they get the data and then still can't farm out?

this is very different to morocco, where the data was good enough and it was the idea that sold the project.

these guys are now out of their depth and spending big money on high end data acquisition at sole risk. its not a nice place to be and in my opinion, not what a junior should be doing. i'm definitely out after this. the morocco story was nice and its a shame that they couldn't have just gotten the well drilled with minimal dilution. instead they had to get these other early stage blocks and will now be stuck spending shareholder money, raised at a steep discount, getting expensive data based on frontier ideas with no guarentee at all that anyone will be intersted to come in and cover past costs and carry expenditure forward.

very dissapointed. but at the end of the day, this is just management performance reverting to the mean. we struck it lucky early on but management couldn't keep the game up forever and i think we've sailed our last mile on the morocco success. sad days indeed.