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Mojo,

The investment thesis for FAR runs something like this:

· FAR own 15% (13.7% assuming Petrosen backin) of the 485 MMstb Sangomar, the 3^rd largest conventional oil discovery in the last 10 years

· Economic analysis assesses that FAR’s equity has a present-day value of A$794m (US$540m @ 0.68 FX)

· Far are now funded for the development

· Current market cap <A$300m

· Upside with recovery factor

· Upside with extension into Gambia

· Upside compared to market peers

· Upside with PE either way, due to removal of uncertainty

The bridge between current market cap of <$300m market cap and a $800m market cap, or more, will crossed over the next 3 years as the project is constructed and production begins.