Today's RIU

Hi All, A few snippets from me attending today at the RIU conference...

> Cath's presentation was once again excellent...for those yet to view the presentation I suggest you look at the 3D's on Pages 8,9 and 10. They give a very clear view of what the FAR team have been saying with the A2 block and provide a real understanding of their excitement

> In listening to Cath, and speaking to Angelique, it is clear there is a real 'can't wait for drilling to commence' (at Samo) excitement within the whole FAR group

> Cath mentioned SNE's 11 out of 11 success rate during her presentation...she also said they don't intend for Samo to be the well to break that trend!

> Spud of Samo will be in about 5-6 weeks. A firm date will be provided in about 3 weeks.

> Clarity of the Erin situation should be in the not too distant future, most likely before spud, and possibly with some positives for FAR

> $19m was paid by Petronas to FAR last Friday

> There will only be one well this year

> I asked about the continued variation of SNE oil quantities between FAR (640mmbls) and CNE (~500mmbls). Not a firm explanation except that Cairn are of course free to nominate what they wish, and the JV numbers will be out with the exploitation plan

> Cath stated OIP at SNE sits at 4 Billion barrels

> Lastly our favourite topic...'Arbitration' - seems FAR is now actually up against Woodside, with WPL lawyers involved and WPL throwing in the ICC delaying handgrenades. Of course FAR is rightly guarded about what they say about this, but my thinking remains that if WPL was confident of their hand why don't they just get it over and done with? Which then begs the question what are they trying to achieve by putting in hurdles, and one can only assume (and I think we have seen this already from PC) that it is to pressure FAR by saying it (FAR) is potentially delaying the project (and I don't think the tactics will work!!)

That's it for now


dodds