This presentation seems to me to be very different to previous...

This presentation seems to me to be very different to previous presentations.
SNE is front and centre and includes economics which are explained in more detail.
Gone are the pretty pictures of The Gambia and the upcoming drill in Guinea-Bissau.
WPL interestingly is mentioned as a strong partner and maybe for the first time.
The Gambian drill seems to be only happening after FAR farms down more interest in its permits there and if that does not eventuate will shoot more 3D seismic in 2020.

The presentation is a change of tack IMO and is more a showcase of SNE.
Is this the first step in the possible sell down of part of this asset?
Cairn have come out and said the plan is still FID by year end and have also said J/V finance all but sown up.
Cairn have also said they are comfortable with their 40% as of such time they decide to sell part of their holding.

IMO I think FID is coming sooner than later and FAR will need to get their share of financing in order.
Cairn and WPL seem to have their other 50% well in hand as the can pay through their cash flow when needed and Cairn also have the sell down option.
Petrosen would have options through government finance.
FAR on the other hand have no income but will need to come up with a solution quick smart on the rest of the money needed.
Going by the last email from the company that has not been bedded down as yet.
As the clock ticks down FAR need to finalise these details ASAP.

I still favour a partial sell down in tandem with Cairn to another entrant as probably the main option and both companies are coy on that as one would expect as I presume much negotiations are going on behind the scenes.
How that will affect the SP is another thing.