**when is the next drilling result due**, page-14

re: for blackspot Morning Pennynut,

With Wei 12-7-1 out of the way, my back of the envelope calculations put FAR's share on a successful appraisal well at somewhere in the region of $0.20 per share .. however then you have to factor in the CNOOC 51% deal which could reduce this down further to $0.10 per share but should help pay for the recovery costs with existing infrastructure being within 10kms I believe ... success with Wei 12-8-3 however would then possibly open up another 3 drills in Beibu/China so this could affect the SP further ... bottom line ... there will be a lot of emotion pushing the SP price around but I'd have a punt on it finishing somewhere between $0.20 and $0.25 if 12-8-3 came in.

Should be an interesting morning.


Blackspot