Morning All
I have consulted the oracle ... my AGM notes
... and confirm Whisky is correct - Erin Gambia was not part of the filing.
Cath said FAR’s position was not affected by Erin’s predicament. FAR is a creditor - Erin was served with a default notice for non-payments stretching back to pre-Xmas - and Cath said the US ‘likes to see creditors looked after’. She quickly cautioned, though, that FAR would not be making ‘a licence grab’ as US courts frowned on such predatory practices.
The Chairman weighed in to confirm there was ‘no downside risk’. ‘The only question is who will be our partner.’ Nic said there were no PE rights and that Erin could not trade the asset while it remained in default. He expects the matter to be resolved before spud.
... although the way timelines are slipping, don’t hold your breath.
The duck must be furiously paddling but with little sense it’s moving. The PE TOR were due on 29/6 (Cath warned that might slip), Government approval of the Petronas farm-in was due ‘anytime now’ (six weeks ago), and the evaluation report was to be ‘by the end of June’ (one mention) or end of June/early July (a second reference). Oh, and the Stena is due to be handed over this month.
So delays, as usual. But to offset the teeth-gnashing they produce, consider these gems that I’d forgotten but that my trawl through these notes reacquainted me with:
* While Gambia is FAR’s 90% focus, Cath reminded us that FAR believes Senegal contains as much undiscovered oil (676m barrels) as SNE has revealed (641).
* Samo’s 400 Series sands are ‘thicker and more ubiquitous’ - ‘thicker waves of sands that cover a bigger area’ (than SNE, I guess - my notes on that are deficient).
* Some of those sands are 300-400m thick.
* We shouldn’t fret about financing SNE, either. FAR has been ‘pleasantly surprised’ at the interest from financiers across the globe.
I don’t read Cujo, but from what you guys say he and his ilk are living in a fool’s paradise if they think FAR will not be a success story. (It already is!) Nor would I like to be sitting on any of those 80 million shorted shares - around $9 million worth - because they are likely to be covered at higher prices than today’s 10.5 cents. You’d surely want to cover them before the Samo results were released: If those 400m-thick sands contain recoverable oil, as seems very likely, you might well pay double or better to recover your ‘investment’.
The world turns but the ox is patient.
OOO
(20min delay)