FAR 1.23% 40.0¢ far limited

The below scenario could play out: FAR acquires Erins 20% (FAR...

  1. 5,714 Posts.
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    The below scenario could play out:
    FAR acquires Erins 20% (FAR then has 60% and operatorship),
    FAR farms down 40% and operatorship to Petronas or WOODSIDE or someone else for a capped carry on FAR's reminaining 20% of a Saloo drill.

    Obviously farming down 40% for a carry of 20% is not the same excellent type of deal we got out of Petronas for Samo but the acreage is now worth less due to the Samo failure. Getting a deal like this (40% for a 20% carry) is possible given the 3 targets on offer at Saloo/Bambo and the SNE extension possibilities ASSUMING other company Geo's agree with FAR.

    Whilst Samo is dead, it will provide useful data for A2 and A5 as the Resevior presence, Trap and Oil Shows were all encouraging/present according to FAR.

    Importantly wells have now been drilled quite close both to the north and south of Saloo/Bambo so they have more data than they could ever hope for when analysing the Saloo/Bambo prospects. A 3D plus many wells close to the north and a well to the south should further derisk the prospect, although ultimately is either there or it isn't.

    I mention Woodside above because they would have their own intimate knowledge of SNE and exactly if or how far it could extend into Gambian waters. FAR believe SNE extends into Gambian waters, WPL would have access to the same data FAR has.
    Last edited by rollacoaster: 10/11/18
 
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