Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Jan 2016flow test result▲ GoodMajor
SNE-2 succeeded: the lower reservoir flowed about 8,000 bopd (equipment-constrained) and the upper unit about 1,000 bopd. Oil column is 103m gross. FAR expects a future upgrade of SNE resource estimates. This is the first of three wells.
10 Dec 2015drilling progress report▲ Good
SNE-2 reached its planned depth of 2,825m on 3 December, ahead of schedule. Preliminary data confirm the SNE discovery and match pre-drill expectations; flow testing is being prepared. The Senegal 3D seismic survey is finished, with final products due in Q3 2016.
27 Nov 2015regulatory community update▲ GoodMajor
A Presidential decree extends the Senegal production sharing contract by the requested three years from 6 February 2016, giving time to appraise SNE and FAN. FAR also finished the Djiffere 3D survey; it holds an option to farm in for 75% until October 2016.
25 Nov 2015capital raising announcement● NeutralMajor
The entitlement offer completed with 187.8m new shares issued at 8c, taking shares on issue to 3,693,650,099. This finishes the A$40m raising begun on 23 October. FARJOY remains the largest holder at about 11%.
What it means for a shareholder
188m new shares at A$0.080 to raise about A$15.0m. That's 4.8% dilution: every existing holder's slice gets 4.8% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.000338% to 0.000322% of the company. To keep it you'd need 636 more shares - about A$51 at the issue price.
Create a free account to see this worked out for your own holding.
23 Nov 2015capital raising announcement● Neutral
Entitlement offer drew valid applications for about A$7.1m of the roughly A$15m. The shortfall of 99.0m shares (about A$7.9m) falls to the underwriters, RBC and Bell Potter. New shares are due to trade 26 November.
18 Nov 2015capital raising announcement● Neutral
The underwritten 1-for-17 entitlement offer at 8c closes today. The managing director, chairman and director Reg Nelson are taking up their rights. No new terms.
5 Nov 2015drilling spud● Neutral
The SNE-2 appraisal well, first of three back-to-back wells, has spudded in about 1,100m of water, targeting roughly 2,770m. Drilling is expected to take about 5 weeks, then logging and flow testing. FAR will make no further announcements until SNE-2 reaches target depth.
4 Nov 2015capital raising announcement● Neutral
Notice to shareholders outside Australia and New Zealand that they cannot take part in the 1-for-17 entitlement offer at 8c. Entitlements are non-renounceable, so they receive no payment or value. Administrative; no new terms.
4 Nov 2015capital raising announcement● Neutral
Letter to nominees and custodians on how the 1-for-17 entitlement offer at 8c applies to their clients. Only Australian and New Zealand holders are eligible; none for US persons. Administrative; no new terms.
4 Nov 2015capital raising announcement● Neutral
Entitlement offer booklet for the 1-for-17 offer at 8c, closing 18 November, underwritten by RBC and Bell Potter. Visible text is legal notices and risk warnings; terms match the 23 October announcement.
2 Nov 2015drilling spud▲ GoodMajor
Drilling has begun on the SNE appraisal program. The SNE-3 top hole is drilled first, then SNE-2 to total depth, about 6 weeks, followed by coring and flow testing; BEL-1 comes last. Program due mid-2016, aiming to show SNE exceeds roughly 200mmbbl.
30 Oct 2015capital raising announcement▲ GoodMajor
The A$25m placement completed: 312.5m shares issued at 8c. Proceeds are for the two SNE appraisal wells and Bellatrix. This completes the institutional half of the A$40m raising announced 23 October.
What it means for a shareholder
313m new shares at A$0.080 to raise about A$25.0m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.000338% to 0.000312% of the company. To keep it you'd need 1,058 more shares - about A$85 at the issue price.
Create a free account to see this worked out for your own holding.
30 Oct 2015quarterly activities report▲ Good
September quarter: cash A$39m, no debt, with the A$40m raise described as fully funding the drilling program. SNE appraisal begins, the Athena is mobilising, 3D seismic is underway, and the Djiffere option was secured. Firm wells expected by mid-2016.
28 Oct 2015admin correction● Neutral
Because of the entitlement offer, the move of the share registry to Computershare is delayed from 2 November to 7 December 2015. Offer queries still go to Advanced Share Registry Services. Administrative only.
23 Oct 2015investor presentation● Neutral
Presentation supporting the A$40m raising at 8c, for the two SNE appraisal wells and the Bellatrix exploration well. Visible text is disclaimers and the offer overview; repeats the raising announcement.
23 Oct 2015capital raising announcement● NeutralMajor
FAR is raising about A$40m at 8c per share: a A$25m placement plus a 1-for-17 underwritten entitlement offer for about A$15m. Price is an 11.1% discount to the last trade. Funds go to the two SNE appraisal wells and Bellatrix, following the cash decline to A$43.6m.
23 Oct 2015capital raising announcement● Neutral
Letter to optionholders: to join the entitlement offer, options must be exercised and shares registered before the 29 October record date. Administrative; no new terms.
23 Oct 2015capital raising announcement● Neutral
Shareholder letter with mandatory details of the 1-for-17 entitlement offer at 8c: up to 187.8m new shares, record date 29 October, closing 18 November. Non-takers are diluted and entitlements are non-renounceable. Total shares would reach about 3.69bn.
19 Oct 2015investor presentation● Neutral
October investor presentation repeats the Senegal story: SNE 1C/2C/3C of 150/330/670mmbbl gross, three wells from October, cash A$43.5m at 30 June. Share price A$0.09, market cap A$287m. Adds no new results.
19 Oct 2015drilling scheduled● Neutral
Ocean Rig Athena left Angola for Senegal, with drilling still expected to start late October. SNE-2 and SNE-3 appraise the SNE field (economic threshold about 200mmbbl); BEL-1 will be deepened into SNE's northern end. Repeats the 14 October plan.
14 Oct 2015contract award▲ GoodMajor
Senegal joint venture executed contracts for the Ocean Rig Athena drillship, with ConocoPhillips managing drilling. Three firm wells (SNE-2, SNE-3, BEL-1) are due to finish by mid-2016, starting late October. Day rates were cut, said to be down by up to 50% for deepwater rigs offshore Africa.
28 Sept 2015other● Neutral
FAR issued its updated Securities Trading Policy under ASX Listing Rule 12.10, effective 28 September 2015. Administrative; sets rules against insider trading and short-term trading. No operational or financial change.
24 Sept 2015farm in farm out agreement▲ GoodMajor
FAR secured an option to earn 75% of Trace Atlantic's Djiffere block, next to its Senegal blocks, by drilling a well before 31 July 2018; option exercisable until 31 October 2016. FAR will fund a US$1.1m 3D survey covering 400km2. Extends the Senegal shelf play.
17 Sept 2015regulatory community update▲ Good
A 2,603km2 3D seismic survey began over FAR's Senegal blocks using the Polarcus Adira, aimed at north and east areas with no 3D coverage. Acquisition is due to finish in Q4 2015, with processed data mid-2016. It supports the evaluation program and may add prospects.
8 Sept 2015half year report● Neutral
Half-year to 30 June 2015: loss A$9.7m (up 138%) on higher exploration spend, including A$5.3m of Senegal analysis and planning costs. Cash fell to A$43.6m; net assets A$71.3m. No impairments. Senegal plans unchanged; Kenya L6 work program delayed by security issues.
28 Aug 2015other● Neutral
Administrative notice: FAR's share registry moves to Computershare from 2 November 2015. No effect on operations or assets.
19 Aug 2015drilling scheduled▲ GoodMajor
Operator Cairn confirmed the third firm Senegal well will target Bellatrix (168mmbbl gross, 25mmbbl net to FAR prospective), which overlies the SNE field's northern end. Government agreed the evaluation program; drilling of the first well is expected early Q4 2015. FAR puts Bellatrix chance of success at 49%.
31 July 2015quarterly activities report● Neutral
June quarter: cash A$43.5m (from A$52m), no debt. Ocean Rig Athena selected; SNE appraisal starts October with three firm wells, and 3D seismic begins Q3. Firm wells and seismic expected complete around mid-2016. Confirms earlier plans.
16 July 2015investor presentation● Neutral
Noosa conference presentation repeated the Senegal story: three wells from Q4 2015, SNE at 150/330/670mmbbl (1C/2C/3C gross) and cash of A$52.5m at March. Share price was 8c (13 July) and market cap A$255m. No new results.
15 May 2015admin correction● Neutral
Re-release of the AGM presentation correcting the 14 April share price from A$0.94 to A$0.094. Otherwise the visible content appears the same, with no new information.
