The Gambia and Guinea-Bissau, page-11

I can’t agree with the proposition that we stop drilling. That’s what we do, with others paying. Read the company strategy.

Cath always maintained we would eventually drill a duster. The timing of that inevitability was unfortunate. At the time I said it would delay our progress by 12-18 months and so it is proving, with two exploration wells likely to spud about 15-18 months after the Samo disappointment. Let’s hope they generate the uplift denied to us by Samo’s crappy seals.

A cap raise is likely IMO. FAR is unlikely to farm down GB having raised its stake in the most recent negotiations and its stated desire to be a net buyer of market share. With Cairn poised to sell down at FID, Cath will want some spending money in the kick. History suggests the Board will ensure the Company is strongly funded.

All available evidence points to huge amounts of undiscovered oil waiting to be found. We’re an explorer. Let’s find it.

SNE is our insurance policy.

OOO