Some thoughts from February 2016, page-3

Cheers Soj what a blast from the past, those were the days . It's interesting what's happened since those heady days in early 2016.

1: Aqua was booted off HC.

2: DOC was just around the corner, it still is but now we can at least see the corner.

3: 2C for SNE alone was just increased to 468 Mmbbls , since increased to 641 Mmbbls for SNE and 839 Mmbbls including FAN 1...likely something coming from SNE North...JV figures are likely to be lower IMO.

4: We had 3.693 B shares on offer, we now have 5.461B an increase of 1.768 B or 48%..much easier to visualise a $1 share price in those days ..

5: Made a new discovery at SNE North in the 500 series sands but disappointing results in the 400 series sands..within tie in range of SNE..no 2C on it at this stage.

6: Another discovery in FAN South also in tie in range , no 2C on it at this stage.

7: Bellatrix only discovered gas.

8: Albian carbonates not commercial at SNE after two looks..having another look at SAMO.

9: Had $60 M in cash , currently around 40M.

10: Option over DJ, since dropped.

11. Farmed in to Gambia and then farmed out to Petrosen for a free carry and 40% of a huge prospect...potentially a huge event for FAR.

12: Entered into Arbitration with COP for considerable upside potential and no downside apart from legal costs.

13: Increased our WI in GB and looking to farm out.

14: Spica and Rufisque yet to be drilled, more info on that may appear in the evaluation report.. I'm hoping for no more exploration drilling in Senegal untill first oil.

15: Numerous rumours have floated around .

16: Shareprice was around 7c now 11c and rising, or a 60% increase..

17: The oil price was around $35-40 now $75 .

18: We are all two and half years older and closer to production...possibly even wiser although that's debatable.

19: We now have a better fix on time to first oil and the likely size of the
FPSO..back then FAR was suggesting 140,000 BOPD, it's looking likely to be nearer 100,000 BOPD..WPL have various tender offers in now apparently and I wonder if that has lead to comments from CN recently mentioning development may be cheaper than originally thought..

20: Our MC was $258m now its $600m, or up just over 100%.

Aqua also mentioned the US$ 5 b offer for the KOSMOS stake in Jubilee , as I did myself the other day and of course is the real source of the $1 a share rave...well the fact is that deal showed exactly what over the top offers can be made in the right environment ...in hindsight I bet CNOOC were happy it wasn't accepted and KOSMOS wished they taken it.

We have the oil, we just await the right environment for whatever value that might put on us, that environment of course may never happen and now we have another 1.76 B extra shares on offer...whatever the 11c or $600 M MC is looking under threat going forward as we close in on a number of important events and thats what matters..any increase in value is a good increase...

Cheers Whisky