Haven't posted the last week as am diving in a remote island in...

Haven't posted the last week as am diving in a remote island in the Phils but having a rest day today ........ am surprised at the SP however with the poo falling mid week to <$28 I can understand the short term reasoning of the market.

As far as a TO is concerned if anyone believes we will even get to see an offer of 18-20cents have rocks in their head, this would value the company ~$500m and by the mutering of management (b4 u r correct) this level of TO will not be put to any of us as no one, least of all Tim Robertson, in the top twenty will accept such an offer!!

There appears to be a change in the sentiment of the poo as it is now more common to see the press reporting reasons that the poo has bottomed (or is close to) and will rise than a few weeks ago, the million dollar question is IMO how quick and how far will it go.

Coit's post re the re the current situation for the JV is all good is one I couldn't agree more with brilliant post which mirrors my thoughts exactly, which ever way you look at the market together with the drop in the poo and the resulting drop in jig rates, engineering design costs and field development costs points IMO that the JV will be pushing as hard as possible to utilise the existing market conditions. Note that Norway has just ann' d it is progressing with a field development which will cost round 50% of preliminary estimates, this is a clear indication that development costs have crashed and the JV is perfectly positioned to benefit.

As far as a TO goes, I would rather it comes once the JV has Ann'd we are commercial and are well into development, this is when we will see a decent offer arise (one that management will present to all SH's) also we must keep in mind that, if FAR receives an offer, the members of the JV have first rights, this is when either CNE or COP will be waiting in the wings if they want the additional holding ie neither COP or CNE need to move first!!

All good now must go and have breakfast at the bar which is on a great beach with blue water only meters away, eat your hearts out!!!



Hkp