It would appear that The Gambia prospective resource number has had a major upgrade. 30 September Soloo, the SNE extension.... P50 - 152 mmbbls S410/ 126 mmbbls S 440/ 26 mmbbls
Yesterday P50 - 579 mmbbls S 410 / 150 mmbbls S 440 / 51 mmbbls NEW S552 / 238 mmbbls S 562 / 140 mmbbls September total P50 was 616 mmbbls now its 1118 mmbbls, 502 mmbbls upgrade. They have 2 sets of well data from A2 and new seismic now from both A2 and SNE. IF they are correct and Soloo is an SNE extension the upgraded P50 there is 427mmbbls. I hope they start trading soon and the exits are wide open because at a price I actually think this is worth a punt especially as it would appear they are not far enough down the farm in track for them to get one done and drilling to start Q4.
The big problem is the conditions that need to be dealt with. IF its Glencore they have nothing to gain by hanging on and seeing FAR go to the wall. Not out of the woods by any stretch but once the sale is done and dusted there will at least be something with potential to lessen peoples losses.
FAR Price at posting:
1.1¢ Sentiment: None Disclosure: Held
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