Briefly this morning I notice that things are moving on apace in Senegal with an announcement by Far. They have increased their contingent resource number by 14% to 641m barrels and say that the field ‘has the credentials to support a potential development. It seems that whatever the operator does in terms of numbers other partners or potential partners leapfrog them although to be fair to Cairn they should remain conservative.
Far also announce that regarding the pre-empt situation ConocoPhillips has ‘failed to comply’ and thus pre-emption has not yet commenced. With regard to this point i’m sure that our legal friends will now be getting involved but this is by no means over and Woodside are not yet owners of that stake. The market has been buzzing with stories as to who might partner Far should they attempt to pre-empt, rumours which will now become even more interesting. This really is a ‘watch this space’ situation if ever there was one…
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