you be the judge, page-39

Fazz, they had to relinquish part of original licence area, 50% I think, because the original agreement terms would have stipulated that. They didn't have to give it up as a trade-off of getting an extended first term, which would have ended in Jan '09 (3 yrs). They requested an extension beyond this date to attract a top-shelf farmin partner to take them forward into the drilling stage (next 2yr term) and I believe they got the original extension because they had greatly exceeded the minimum work requirement for the first term. I think the second term would also require a further acreage relinquishment (poss. 25% of remaining acreage) as is normal for these kinds of contracts. Requesting a further extension of term 1 might mean some concession will need to be offered by FAR but, then again, FAR might by now be on V good terms with the top brass in Senegal. Or they might be complete lepers, but I don't know why FAR would even try for an extensiuon if they didn't think they had a good chance. Seems unlikely that it's a bit of theatre simply to appease disgruntled shareholders.