So called manipulation, slow going, page-50

....potential could be as much as 6BB.....

That's not what the company has mentioned on its release till date. On Gross unrisked basis, FAR's prospects are 1500 mmb's, net unrisked is is 250 & risked share is 75 mmboe (ex SNE & Beer).

6 BB doesnt apply for now, as its simply a back of the envelope calc & doesn't specifically say Prosective resource or Reserves. So pls stop banding these sort of figures without understanding the actual SPE nomenclature, as it simply reflects a lack of understanding of the Explr Sector jargon.

I'd like FAR's inhouse Geophyz (PT) or third party Consultants to sign off on that sort of figure first after the new 3D seis data is analysed & that will take time. Even the Operator Cairn aren't quoting that. So pls give the 6BB a rest.

There's a difference betwn Prospective resources Oil in place, recoverable oil, Contingent & Commercial.

So question u should have asked is, What does 6BB (size) reflect out of the above categories ? Number of wells reqd, costs & timeframe ? That's the 4point reality check for any oilfield project. So lets stick with the 'knowns' for now pls.

KOS r shooting 3D in Timis's Senegal block to map more leads, so will b interesting to see what they come up with. Their 'Teranga' well has P50-500 mmbb's & will b drilled in the coming months.

Just so that most r aware, once an acreage is awarded & after 3D seis mapping identifies targets/leads/prospects a lot of desktop analysis is done & an inventory is created. As all these targets r virtually undrilled, they carry a high % of risk which is worse when there r no oil discoveries in that Expl Block. Hence a GCoS based on certain geological variables/attributes is applied & that too doesn't guarantee commercial success (there's plenty of 30% CoS non-comm wells out there).

Post Discovery, there's a risk factor termed as 'Chance of Development' which is applied to a Project. Risks involved r cost blowouts, company's cash situation, Opx/capx, price of that commodity, geopolitics, safety incidents, enviro etc & above all timeframe to first cashflow.

So FAR still have a long way to go to that mythical 6 BB & first oil. For now please appreciate 2C-330mmb's (or 468) at SNE, as its not everyday u get an ASX listed entity involved in an Oil Discovery in a practically greenfield Oil province. Cheers