The next resource upgrade, page-15

pj,

I have no problem with merging SNE2 and 3 in one interim RISC report, and indeed, this was implied by the FAR email.

It has been pointed out that in an environment where a left field TO may occur at any time, it makes sense to put (positive) information out without delay. The reasons for this have been hashed on previous threads, where some of us have suggested that the RISC study was contemplated for this reason; ie, to give FAR an alternative, independent 'valuation' just in case of any conflicts of interest in the JV. To spell this out, COP and CNE as JV partners will be keen to talk up their book just like FAR; however, they are also potential acquirers of FAR, and in this role they may not not be so keen to boost the price of their target.
I'm not suggesting this is happening, nor that their is anything dodgy about it. To paraphrase the Cairn spokesman in the last announcement: It's not unusual for two geologists to differ within a reasonable margin on the appraisal of a well.
Cheers