RIU Good Oil Conference in Perth on September 13th, page-47

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kkw

7,209 Posts.

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13/09/17

23:22

Post #: 27201432
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Originally posted by Mike R ↑

Had a 5 min chat, one on one, this is my recollection of that conversation but please make allowance for inaccuracy brought about by a failing memory.

Q - So CN could not make it.
A - Yes she's in London, I will leave it to your imagination what she is doing there. (knowing grin)
Q - You must be disappointed with the past SP response to good news.
A- Yes very disappointed especially when you have to do a CR to survive to the next stage. Seems that the SP swings in a +/- 10% range, possibly due to short term retail trading not allowing movement upwards and in some cases just the opposite very frustrating and disappointing to all.
Q - What is the working relationship like with WPL, it must be difficult knowing there is a possibility they may not be partners in the future.
A - Good it's business as usual, not effecting the project at all. Senegal have requested it all be kept low key and that the project remains uneffected and that is being respected. Obviously Senegal want this to be resolved.
Q - What do you consider are our chances regarding the PE outcome ?
A - About 75% according to who's lawyers you talk to. COP's mistake was not to allow FAR to consider PE, just as well as it would have been difficult to get the money within 30 days to PE at that time anyway. It's not easy the court will have to consider what effect their decision could have on Senegal, what effect a new operator could have. What effect their decision could have on each of the parties but most importantly the Senegal government. Compensation to the injured party may be the out come. FAR and WPL are not under any pressure but COP maybe the most under the gun at the moment.
Q - When is the FAR reserves upgrade to be announced.
A - Shortly, thought they would be finalised by now but a call for additional info from RISC to finalise estimates.
Q - Why the discrepancy between CNE and FAR reserves estimates.
A - CNE did not incorporate SNE 5 / 6 results also they prefer to leave some in reserve for future release that's their way, also you will never get 100 % agreement between Geo's.
Q - What about the prospectivity of the adjacent blocks A2 & A5
A - Good possibility the location of SNE south, they are presently under evaluation. We are confident that we can achieve 100% free carry on these blocks but that is yet to be achieved. Second half of next year to drill Samba.
Q - Also the other blocks in Gambia.
A - No comment (knowing grin)

During the presentation picked up that the value of the field based on CNE estimates $5.6 Bil that's $1.6 Bil to FAR.
The above is only my recollection, so please allow for inaccuracies it's only a recollection and maybe not be 100% accurate.

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Hi Mike,

Thanks for sharing the info.

I think everything sounds positive, especially 75% COS on the PE. You can't ask for anymore than that in a legal matter I think.

The 5.6 bil figure was also in another article (I think was discussed on HC) a few weeks back, except it was 6 bil from memory.

So all good then!

KKW

FAR Price at posting: 7.1¢ Sentiment: Hold Disclosure: Held
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RIU Good Oil Conference in Perth on September 13th, page-47

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