Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2014listing compliance notice● Neutral
FAR explains the trading halt from 6 October was to analyse the FAN-1 data and get partner and government support for the release. Operator's data arrived 5-6 October. The halt is lifted. Administrative, no new results.
7 Oct 2014drilling result▲ GoodMajor
FAN-1 in Senegal is a significant oil discovery: 29m net oil-bearing sandstone within a gross oil interval over 500m, no oil/water contact, oil 28-41° API. This resolves the overdue FAN-1 result. No well test is planned; appraisal planning follows.
3 Oct 2014price query● Neutral
ASX queried a share price rise from 8.4c to 10.5c. FAR knew of no undisclosed information, citing speculation on FAN-1, which is still drilling past the expected end-September finish, and a new substantial holder at 7.04%.
1 Oct 2014investor presentation● Neutral
Conference presentation repeats known facts: oil recovered in a FAN-1 secondary target, drilling continues. Cash about A$39m, share price 8.4c, market cap A$227m. A substantial new line-up of Kenya wells is targeted. No new results.
16 Sept 2014price query● Neutral
ASX queried a share price rise from 5.6c to 8.4c. FAR knew of no undisclosed information, pointed to speculation on investor websites about FAN-1, and expected drilling to finish by end of September. It urged caution until the operator reports.
12 Sept 2014half year report● Neutral
Half-year loss was A$4.08m, with cash A$42.7m. L9 assignment agreement with Ophir's subsidiary expired 30 June 2014, and FAR is in talks with Ophir's subsidiary about entry into the block. FAN-1 had not reached total depth.
11 Sept 2014investor presentation● Neutral
Good Oil Conference presentation repeats known facts: 8.5 billion barrel inventory, $230m of farm-out funding for three wells, and FAN-1 oil samples in a shallow objective with drilling continuing. Targets three Kenya wells by end of 2015. No new results.
27 Aug 2014drilling result▲ GoodMajor
FAN-1 recovered oil samples from a thin sand in a shallow secondary target at 4,402m, which FAR says confirms a working petroleum system. This is not the main target. Drilling continues to about 5,000m, with completion expected within a month.
28 July 2014drilling progress report● Neutral
Drilling has resumed on FAN-1 after the maintenance pause, with the well at about 3,000m and a planned depth of about 5,300m. SNE-1 stays suspended at about 1,900m until FAN-1 finishes. The operator is withholding detail on the well. No result yet.
30 June 2014listing compliance notice● Neutral
ASX says FAR's trading suspension will lift immediately after the Senegal drilling update is released. Administrative.
30 June 2014drilling progress report▼ BadMajor
FAN-1 is at about 3,000m, above the first reservoir target, with maintenance nearly done. Rig delay is expected to raise well costs: FAR may need to contribute about A$24.2m. It has received A$22.2m from farm-outs and held A$42.9m cash at 19 June.
23 June 2014listing compliance notice▼ Bad
At FAR's request, ASX suspended trading from 23 June 2014 because of Senegal drilling delays from unscheduled rig maintenance. The suspension is expected to last until 30 June 2014 or an earlier announcement.
10 June 2014drilling progress report▼ Bad
Operator Cairn has paused FAN-1 for about 12 days of essential rig maintenance after setting casing. Completion is delayed and the well's cost is expected to exceed the original estimate. FAR says its 15% share is funded by future carries and cash already received.
2 June 2014capital raising announcement● NeutralMajor
FAR raises A$8 million by placing 200 million new shares at 4 cents, a 15% discount to market. Funds go to Kenya exploration, possibly speeding up the Miocene reef oil play evaluation, and working capital. Shares rise to 2,699,846,742 (about 7.4% dilution).
What it means for a shareholder
200m new shares at A$0.040 to raise about A$8.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.001% to 0.000926% of the company. To keep it you'd need 2,000 more shares - about A$80 at the issue price.
Create a free account to see this worked out for your own holding.
28 May 2014investor presentation● Neutral
AGM presentation repeats known facts: FAN-1 still drilling, 5 wells in 12 months, gross farm-out value about US$230m. Share price 4.6c, market cap A$115m, cash A$27.1m at 31 March. No new results.
15 May 2014drilling progress report● Neutral
Operator Cairn says the rig is back on FAN-1 after drilling SNE-1's top hole. FAN-1 is now expected to finish mid to late June. No result yet.
7 May 2014drilling progress report● Neutral
FAN-1 has been drilled to 1,200m below seabed and cased. The rig moved to the SNE-1 location to drill its top hole during maintenance, then returns to FAN-1 in five to seven days. No well result yet.
1 May 2014security holder rights change● Neutral
1.5 million 18-cent incentive options expired on 30 April 2014, leaving 130.5m unlisted options. Administrative.
29 Apr 2014investor presentation● Neutral
Conference presentation repeats known facts: FAN-1 drilling, 5 wells in 12 months, 8.5+ billion barrel inventory. Share price 4.4c, market cap A$110m, cash A$26.6m. Senegal drilling spend quoted at about US$196m. No new results.
23 Apr 2014investor presentation● Neutral
A shareholder update said FAN-1 was on schedule and would take about two months to drill. Cash was A$26.6m at 31 March with no debt. Kenya onshore seismic was due in June 2014, and Guinea-Bissau drilling was scheduled for March 2015 while the partners monitored an election process.
23 Apr 2014price query● Neutral
ASX queried a share price fall from 5.1c to an intraday low of 4.15c with higher volume. FAR replied it knows of no undisclosed information, pointing to recent announcements and general resource-sector market conditions.
17 Apr 2014drilling spud▲ GoodMajor
Drilling starts on FAN-1, the first Senegal well, resolving the delayed April spud. It tests a fan structure with about 900m barrels (135m net to FAR) and takes about two months. FAR (15%) says its carry and cash cover its share of both wells.
17 Apr 2014other● Neutral
Administrative notice: the share registry, Advanced Share Registry, is changing address from 24 April 2014. No substance for shareholders beyond the new contact details.
1 Apr 2014investor presentation● Neutral
April 2014 presentation repeats known facts: 8.5+ billion barrel prospect inventory, three wells funded (gross farm-out value about US$230m), Senegal drilling from April. Share price 5.8c, market cap A$145m, cash about A$28m. No new results.
28 Mar 2014annual report● Neutral
FAR's 2013 Annual Report recaps the year's farm-outs to Cairn, ConocoPhillips and Milio, and says FAR expects to join five African exploration wells in the next 18 months. Guinea-Bissau drilling is expected in H1 2015. Mostly repeats known facts.
21 Mar 2014investor presentation● Neutral
March 2014 presentation repeats known facts: 5.5c share price, A$138m market cap, about A$28m cash, Senegal drilling from April. Prospect inventory is now quoted at 8.5+ billion barrels after the Guinea-Bissau and WA assessments.
19 Mar 2014drilling scheduled● NeutralMajor
Senegal drilling is delayed from the earlier Q1 2014 target to April, after Cairn finishes a Moroccan well. The two wells target about 1.5bn barrels unrisked. Cash is A$28.4m. FAR also notes Sunbird-1 in Kenya found a hydrocarbon column, encouraging for L6 and L9.
11 Mar 2014resource reserve update▲ GoodMajor
FAR's unaudited assessment of its 100%-owned WA-457-P and WA-458-P permits gives prospective resources of 447m barrels of oil equivalent net to FAR. A 3D seismic survey is planned for mid-2014 and FAR will seek a farm-in partner.
17 Feb 2014farm in farm out completion▲ GoodMajor
Kenyan government approves the Milio farm-in on Block L6, clearing the condition on the 4 February deal. FAR is carried through a US$30m (FAR estimate) program, keeps 24% onshore and 60% offshore, and is still seeking an offshore farm-in partner.
17 Feb 2014farm in farm out completion● Neutral
Partner Pancontinental's own release of the Kenyan approval for the L6 Milio farm-out. It repeats FAR's announcement: Pancontinental keeps 16% onshore, 40% offshore. No new information for FAR.
