the suspense, page-9

If anyone has some time on their hands (while we wait!!) you might take a look at Karoon's market ann's re their j/v's in Brazil with Petrobras. The "prospects" there are much smaller than the "prospects" off Senegal and they committed on half the seismics that ME is offering at Senegal. So, firms like Petrobras and Karoon are prepared to take risks on much less prospective leases with much lease "evidence" than is being offered by FAR.
The partners have already spent over $21mill on seismics and 3D's etc off Senegal and seeing what is happening in other areas, IMO, ME is going to punt this as hard as he can (i.e. not give it away after all this time and work) and will literally be going for broke, but, with very considerable confidence that he is right (i.e. he has the goods and the adjacent wells in 2011 will prove him right.) Big gamble, but a calculated one, with MASSIVE results if he succeeds. So, all I am thinking at the moment is that we might just have to wait for a j/v ann and that could make the SP languish a bit. Next ann will probably be the application for the extension. But, I always say that he just MIGHT get that offer that even he can't refuse and very pleasantly surprise everyone.
IMO makes FAR an exquisite "opportunity" for the BRAVE. Certainly wouldn't be selling, hold at worst, but, very much worth taking up more if price weakens any further, because the rewards could be massive (Tullow and Hardman!!!!).