Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2016joint venture update▼ Bad
FAR says it still believes ConocoPhillips has not issued a valid pre-emption notice on the Woodside sale, and has invoked the Joint Operating Agreement's dispute process. It is not aware of Senegal government approval. Continues the partner dispute; the deal remains unresolved.
31 Oct 2016quarterly activities report● Neutral
September quarter: cash and term deposits fell to A$50.5m from A$66.3m. Recaps the 641mmbbl 2C resource and commerciality. The two-well drilling program now resumes from early 2017, later than the late-2016 timing previously flagged. Djiffere option decision and prospective resource update still pending.
18 Oct 2016investor presentation● Neutral
Citi conference presentation restating the 641mmbbl SNE 2C resource, six successful wells, and first production targeted from 2022. Market cap is shown as A$357M at A$0.08. FAR says it is funded through the firm work program. No new results.
14 Sept 2016investor presentation● Neutral
RIU Good Oil Conference presentation restating the 641mmbbl SNE 2C resource, A$66M cash (30 June) with no debt, and A$320M market cap. A two-well program is planned from November 2016. Largely repeats known facts.
6 Sept 2016half year report● Neutral
Half-year to 30 June 2016: loss A$11.3m, cash A$66.3m, net assets A$150.9m, up 48% after the A$60m raising. Four SNE appraisal wells were capitalised, with exploration assets at A$96.8m. No impairments were recorded.
1 Sept 2016investor presentation● Neutral
September shareholder presentation restating the 641mmbbl 2C resource, A$66.3m cash with no debt, market cap A$326m and 4.46bn shares. It adds that two firm wells plus options are planned from late 2016, with first production targeted from 2022. Largely repeats known facts.
1 Sept 2016resource reserve update▲ GoodMajor
FAR assessed SNE as commercially viable, exceeding the roughly 200mmbbl minimum economic field size. Its concept is a standalone FPSO with 140,000 bopd plateau and first oil in 2022, a year later than earlier 2021 estimates. Breakeven is below US$40 per barrel; further appraisal drilling is expected late 2016.
23 Aug 2016resource reserve update▲ GoodMajor
RISC raised SNE 2C contingent resources 14% to 641mmbbl gross (96mmbbl net to FAR), including BEL-1 and SNE-4 data. 1C is 348 and 3C 1,128mmbbl. This is the third upgrade since discovery, up 316% from the pre-drill 154mmbbl. A commerciality statement is due soon.
23 Aug 2016joint venture update● NeutralMajor
FAR says ConocoPhillips failed to follow the joint operating agreement over its proposed Woodside sale, so in FAR's view (supported by legal advice) the pre-emption period has not started. Senegal's government urged an amicable solution. This complicates the Woodside deal and is a dispute with a partner.
29 July 2016quarterly activities report● Neutral
June quarter: BEL-1 and SNE-4 completed ahead of schedule and under budget, cash and term deposits were A$66m after the April raising, and the Woodside purchase of ConocoPhillips' interest was flagged. A resource update and commerciality statement are due in Q3. Mostly repeats announced news.
21 July 2016investor presentation● Neutral
Noosa conference presentation restating Senegal results, the 561mmbbl 2C resource and a market cap of A$345m. It notes FAR has been told of its pre-emption right over the Woodside deal and is reviewing it. Next steps listed include a resource update and commerciality statement.
14 July 2016asset acquisition disposition● NeutralMajor
Woodside agreed to buy ConocoPhillips' 35% Senegal interest for US$350m plus about US$80m completion adjustment, subject to Senegal government approval and partner pre-emption rights. FAR says its focus is unchanged and it is fully funded. Targeted close is year-end 2016.
21 June 2016other▲ Good
FAR won 'Breakthrough Company of the Year' at the Oil and Gas Council's Africa Assembly in London for its Senegal success. The company cites six successes from six wells. An award with no new results or financial impact.
19 May 2016drilling result▲ GoodMajor
SNE-4 appraisal well succeeded, finding a 102m gross oil column of 32 degree API oil in the eastern SNE field, 5km from SNE-3. It finished ahead of schedule and under budget, the drill ship is released, and drilling resumes in H2 2016. A resource review is due this quarter.
13 May 2016investor presentation● Neutral
AGM chairman's address on FAR's shift from junior explorer to larger company: retail holding fell from 67% (2013) to 45% as institutions grew, market cap about A$350m, plus governance and remuneration framework explanations. No new project results.
29 Apr 2016quarterly activities report● Neutral
March quarter: SNE-2 and SNE-3 results recapped and BEL-1 spudded. Cash was A$31.7m with no debt at 31 March, before the April A$60m placement. Mostly repeats announced results.
18 Apr 2016drilling spud▲ GoodMajor
SNE-4, the fourth appraisal well, spudded 5km south-east of SNE-1 in 940m of water, targeting 3,020m and about four weeks of work. FAR says the A$60m raising covers its expected obligations, possibly including two further contingent wells, subject to joint venture decision.
15 Apr 2016capital raising announcement● NeutralMajor
FAR raised A$60m via a placement of 705.9m shares at 8.5c, a 6.6% discount to the last close, to fund Senegal drilling and evaluation. About A$47m settles first; about A$13m needs shareholder approval at a 26 May EGM. Shares on issue will rise to about 4.41bn.
What it means for a shareholder
706m new shares at A$0.085 to raise about A$60.0m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.000317% to 0.000267% of the company. To keep it you'd need 2,240 more shares - about A$190 at the issue price.
Create a free account to see this worked out for your own holding.
13 Apr 2016resource reserve update▲ GoodMajor
RISC raised SNE 2C contingent resources 20% to 561mmbbl gross (84mmbbl net to FAR), from 468mmbbl in February; 1C 277 and 3C 1,071mmbbl. It uses SNE-2 and SNE-3 data but not BEL-1; a further update is expected after BEL-1 and SNE-4.
11 Apr 2016drilling result▲ GoodMajor
BEL-1 discovered gas in the Bellatrix prospect (8m net gas sandstones), confirming the Buried Hills play, and proved the SNE field's northern extent with a roughly 100m oil column. FAR's fifth hydrocarbon find from five wells; a fourth appraisal well, SNE-4, follows within days.
22 Mar 2016annual report● Neutral
2015 Annual Report restates known facts: SNE-2 and SNE-3 appraisal success, A$40m raising, A$60.7m year-end cash with no debt, and a possible fourth well within budget. It also notes Kenya granted a one-year PSC extension and Australian assets are expected to be farmed out.
22 Mar 2016admin correction● Neutral
Re-lodgement of the 2015 Annual Report with minor edits to pages 8 and 9 on Senegal prospective resource estimates. Otherwise the same content; no new substantive information.
22 Mar 2016annual report● Neutral
Appendix 4G governance disclosure filed with the annual report, stating the corporate governance statement is on the company website and current at 22 March 2016. Administrative; no new business information.
16 Mar 2016investor presentation● Neutral
Melbourne Mining Club presentation restating the Senegal story: SNE-2 and SNE-3 flow results, February resource upgrade, Bellatrix prospect (168mmbbl best estimate, 49% chance), 200mmbbl minimum field size, A$60.7m cash at 31 Dec 2015. Market cap quoted A$440m. No new results.
15 Mar 2016drilling spud● NeutralMajor
BEL-1, the third well in the SNE appraisal program, has spudded in about 1,100m of water, targeting roughly 2,757m. It will test the untested Buried Hills play at Bellatrix and be deepened to appraise SNE's northern part. Completion is expected next month; tight-hole policy applies.
9 Mar 2016flow test result▲ GoodMajor
SNE-3 flow tests of upper reservoirs gave up to 5,400 bopd and 4,000 bopd stabilised (4,500 bopd combined), constrained by equipment and above FAR's expectations. FAR considers the appraisal's flow-rate objective met. The well finished ahead of schedule; the rig moves to BEL-1.
8 Feb 2016investor presentation● Neutral
February presentation restates the Senegal story: RISC's upgraded SNE resources, SNE-2 flow results and A$60.7m cash with no debt. It says FAR is ahead of schedule and may drill a fourth well within budget. No new results.
8 Feb 2016resource reserve update▲ GoodMajor
Independent assessor RISC upgraded SNE contingent resources to 240/468/940mmbbl (1C/2C/3C) gross. The 2C is up 42% from FAR's earlier 330mmbbl, or 70mmbbl net to FAR. The estimate predates the SNE-2 results, and RISC will update after the wells.
29 Jan 2016quarterly activities report▲ Good
December quarter: cash rose to A$60.7m with no debt after the A$40m raising. SNE-2 succeeded, SNE-3 is drilling, and the 3D seismic is complete. The company says it is fully funded through the drilling program, running ahead of schedule.
19 Jan 2016drilling progress report● Neutral
SNE-3 has been re-entered and is being drilled to about 2,782m, with coring, logging and flow testing to follow. The announcement mostly repeats the SNE-2 results and the 200mmbbl economic-size goal. BEL-1 follows SNE-3.
