Always helpful when assessing investment decisions to take a...

Always helpful when assessing investment decisions to take a look back from time to time to see what has been achieved.

12 months ago the SP was 7.5c and POO was $54
The SP has now increased 12% to 8.4c and POO has increased 27-28% to ~$69

- SNE-5 was successful and gave us highly promising flow rates, and was completed under budget and ahead of time. It also further proved up SNE as a large, connected field
- VR-1 was drilled and proved mostly successful with the best lower SNE reservoir properties measured so far in the field
- An 80% interest and operatorship in blocks A2&A5 in the Gambia was acquired for a bargain price
- Strategic AMI with CNOOC signed for Senegal & the Gambia
- Successfully raised $80m in tough credit markets when POO was $50-$55 and no income in sight for 4 years.
- Awarded additional equity and terms in Guinea-Bissau
- SNE-6 showed great flow rates from the upper reservoirs and successful proved up connectivity. Under budget (again)
- FAR files for arbitration
- The experienced Tim Woodall joins the Board
- Drilled SNE North-1 and FAN South-1 with strong potential for commerciality, particularly with POO up around $70. FAN South further illustrated the complex nature of the FANS
- Gambia prospective resources listed as $1.1b barrels. Samo on trend with SNE and makes up $825m of the prospective. @ 80% to FAR = 660m prospective in Samo
- No SNE update on resources in last 12 months. The last RISC update was 18 months ago which listed 2c at 641mmbbls. Cairn, playing the slow game, updated their 2C figure 6 months ago to 563mmbbls

You be the judge if there is value accretion happening in FAR