Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2015investor presentation● Neutral
AGM presentation restates the FAN-1 and SNE-1 Senegal discoveries, A$67m year-end cash with no debt, and the three-firm-plus-three-optional well plan from the 11 May update. No new results; note it prints a share price of A$0.94 (corrected in the next release).
12 May 2015investor presentation● Neutral
FAR released Cairn's 11 May Capital Markets Day presentation on Senegal, covering Cairn's strategy and plans for up to six wells from Q4 2015. Largely repeats the operator's announcement of the previous day; the visible text adds no new FAR-specific results.
11 May 2015joint venture update▲ Good
Operator Cairn released its Senegal update: a three-year evaluation plan has gone to the Government, with three firm and three optional wells from Q4 2015. The Ocean Rig Athena drillship has been selected, with its contract still being finalised. Cairn cites over a billion barrels of mean risked resource.
30 Apr 2015quarterly activities report▲ Good
March quarter: cash A$52m, no debt. Joint venture approved the first-phase Senegal program (two SNE-1 appraisal wells, one shelf exploration well, 3D seismic), with drilling from Q4. SNE-1 resource estimates audited by ERCEquipoise; Guinea Bissau permit extended two years; Reg Nelson appointed.
24 Apr 2015remuneration report● Neutral
FAR formalised new executive contracts: Managing Director Cath Norman rises to A$550,000 a year (from A$440,000) and Ben Clube to A$475,000 (from A$376,000). Company termination notice for each rises from 3 to 12 months; options unchanged.
13 Apr 2015drilling scheduled▲ GoodMajor
FAR and partners plan a first-phase Senegal program starting Q4 2015: two SNE-1 appraisal wells plus one shelf exploration well, and new 3D seismic. FAR estimates the firm program costs about US$150m gross, FAR's share about US$25m (A$33m). Plan goes to Government in May.
13 Apr 2015investor presentation● Neutral
April presentation repeats the Senegal discoveries and the three-well program from Q4 2015. Adds SNE break-even claim (10% IRR at US$45/bbl), Farjoy as largest holder at 11%, and about 11,500 shareholders. Share price 9.7c, market cap A$303m; no new results.
8 Apr 2015director officer appointment▲ GoodMajor
FAR proposes to appoint Reg Nelson, former APPEA chairman credited with turning around Beach Energy, to the board as it moves into Senegal appraisal. Long-serving director Charles Cavness (20 years) will retire at the 15 May 2015 AGM.
30 Mar 2015annual report▲ Good
2014 annual report, titled 'a year of discovery', covers the FAN-1 and SNE-1 discoveries, A$67m year-end cash with no debt and ASX 300 inclusion. Says both are likely large enough for standalone development, with appraisal drilling planned for later in 2015. Text is truncated, so financial details are not covered.
6 Mar 2015other▲ Good
S&P Dow Jones Indices announced FAR will be added to the S&P/ASX 300 index after close on 20 March 2015. Index announcement listing many companies; no change to FAR's operations or assets.
2 Mar 2015investor presentation● Neutral
March presentation restates the FAN-1 and SNE-1 discoveries and A$67m cash with no debt. New detail: Senegal evaluation program goes to the Government end April 2015, with evaluation drilling to start Q4 2015. Share price 9.2c, market cap A$288m.
23 Feb 2015asset acquisition disposition● Neutral
Key Petroleum agreed to acquire FAR's and Pancontinental's interests in Canning Basin permits EP104, R1 and L15 (FAR held 15.67%, 8.89% and 12%). Each of FAR and Pancontinental pays Key A$50,000 cash. Subject to state approval. Looks like FAR exiting its remaining Canning Basin interests (inference).
30 Jan 2015quarterly activities report● Neutral
December quarter: cash A$67m, no debt, after the A$45m net raise. Reports FAN-1 and SNE-1 discoveries, appraisal planning and Gordon Ramsay's hiring. FAR expects to contribute about A$26m to complete the two wells in Q1 2015; final evaluation due Q1 2015.
27 Jan 2015price query● Neutral
ASX queried a rise from 7.7c to 9.6c and higher trading volume. FAR said it knew of no undisclosed information or other explanation, and that its quarterly report would be released before the end of the week.
22 Jan 2015director officer appointment● Neutral
FAR appointed Gordon Ramsay, formerly head of energy research at UBS, as Executive General Manager, Business Development. He will seek new growth opportunities after the Senegal discoveries and handle investor relations and capital management.
20 Nov 2014drilling result● NeutralMajor
SNE-1 reached about 3,000m and found no hydrocarbons in the deeper carbonate target, so it will be plugged and abandoned. The shallower Albian discovery stands. Drilling program ends with two discoveries; appraisal planning is underway and a final evaluation is due in Q1 2015.
14 Nov 2014investor presentation● Neutral
November presentation repeats the FAN-1 and SNE-1 discoveries and adds a comparison with Ghana's Jubilee field. Cash A$83m unaudited, share price 13c, market cap A$406m on 3,126,808,427 shares. No new results.
10 Nov 2014drilling result▲ GoodMajor
SNE-1 is a second Senegal oil discovery: 36m net pay in a 95m gross oil column with a gas cap, 32° API oil. Operator's contingent resource is P50 330mmbbl gross (50mmbbl net to FAR). Drilling continues to the deeper carbonate target.
27 Oct 2014quarterly activities report● Neutral
September quarter: cash A$40.7m, no debt, before the A$45m net raise in October. FAN-1 was a discovery and SNE-1 is drilling. FAR expects to contribute about US$36m to finish the two wells, and Kenya L6 got a one-year extension to its work commitment.
27 Oct 2014capital raising announcement● Neutral
Confirms 424,961,685 shares issued at 11c, giving 3,126,808,427 shares on issue; dilution to existing holders is 15.7%. Bell Potter, as sole lead manager, was paid a 4% fee. Administrative follow-up to the 20 October raise.
What it means for a shareholder
425m new shares at A$0.110 to raise about A$46.7m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (9,091 at the issue price), your slice goes from 0.000291% to 0.000256% of the company. To keep it you'd need 1,236 more shares - about A$136 at the issue price.
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20 Oct 2014capital raising announcement▲ GoodMajor
FAR raised A$46.7m via an oversubscribed placement of 424,961,685 shares at 11c, an 18.5% discount to market, lifting cash to about A$85m. Cost overruns and the FAN-1 discovery pushed Senegal costs above the funding cap; FAR expects to pay about US$35m.
What it means for a shareholder
425m new shares at A$0.110 to raise about A$46.7m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (9,091 at the issue price), your slice goes from 0.000336% to 0.000291% of the company. To keep it you'd need 1,430 more shares - about A$157 at the issue price.
Create a free account to see this worked out for your own holding.
14 Oct 2014investor presentation● Neutral
October presentation restates the FAN-1 discovery (29m net, 500m+ gross, operator STOOIP P50 950mmbbl) and says SNE-1 is drilling. Cash A$39m unaudited; share price 12c, market cap A$324m. Nothing new beyond the 7 October result.
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.
