REport out last night. Summary as follows:
Progress in completing Senegal data package and securing a JV partner slower than expected. However the targets are significant and likely to attract a major JV partner
Hunt and FAR seeking JV partner to fund first well (cost $60m) Expected that JV partner fund 100% of first well in return for 50% of venture. Therefor FAR interest fall to 15%. New partner aslo refund the seismic costs - $10m
The next stage of securing JV partner and marketing project expected to take 3 to 4 months. SR still expect re-rating on the signing of JV partner.
Keep the faith
stock resource
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