waiting for senegal extension, page-33

'Just on the senegal extension and general comments around it - can I get an idea why everyone is waiting in anticipation for it?'

Beacuse FAR are targeting 1.5 billion barrells of oil over the Buried Hill & 3 Fan Plays - the license is 5 months overdue. Quite significant.

Who knows why it has taken so long to secure a JV partner, Shell walked in August 2009, but we do know that noone will sign until the license is secured.

They cant 'make a call' on Senegal as they dont have a partner as yet and spending $60m on a deep sea well doesn't make sense to FAR at this stage.

Until the license is received there will be no partner in Senegal and no well. FAR is spending $5m in anticipation that they will secure a JV partner, they may have one already lined up who knows. The license in Senegal is pivotal, success at Kora makes it even more so.

Failure at Kora and no license extension at Senegal would not bode well for FAR shareholders but it would not be the end.

FAR SP appreciation drivers:
1. Success at Kora - other targets, synergies of success to FAR's other West African success
2. A license renewal at Senegal
3. JV partner(s) at Senegal
4. Successful drilling by AP in their Gambia A1/A4 blocks in Qtr 4 2011
5. A drill in FAR's senegal blocks
6. 2 well program in Guinea Bissau in 2012
7. Seeking other African opportunities


Plenty of upside, Kora success and Senegal extension V.IMPORTANT