Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2014quarterly activities report● Neutral
June quarter report: cash A$42.7m, no debt, after the A$8m raise. FAN-1 was paused 19 June for rig maintenance and has resumed; FAR's expected Senegal contribution is about A$24.2m. Kenya onshore seismic is delayed by security incidents. L9 still awaits government approval.
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.
30 Apr 2014quarterly activities report● Neutral
March quarter report: cash A$27.15m, no debt. FAN-1 drilling started 17 April. Kenya L6 onshore seismic and well are fully carried. The Guinea-Bissau appraisal well is postponed to March 2015 because of elections. No new drilling results.
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.
11 Feb 2014farm in farm out completion▲ Good
FAR receives the US$5m second payment from Cairn for Senegal back costs, lifting cash to A$29.6m at 10 February. Closes the open Cairn payment thread. First Senegal well still expected to spud in Q1 2014.
6 Feb 2014investor presentation● Neutral
February 2014 presentation repeats known facts: 4.1c share price, A$102m market cap, A$24m cash plus US$5m due. Adds the Milio farm-in as the third farm-out and says two Senegal wells start March 2014. No new results.
5 Feb 2014resource reserve update▲ GoodMajor
FAR's own unaudited assessment of its Guinea-Bissau blocks: East Sinapa discovery contingent resource 13.4m barrels (2.0m net) and total prospective resources 954m barrels (143m net). West Sinapa well still planned for late 2014.
4 Feb 2014farm in farm out agreement▲ GoodMajor
FAR signs its first Kenya Block L6 farm-in with Milio International: Milio funds a US$30m (FAR estimate) program, a 1,000km onshore 2D seismic survey and an onshore well (spud H1 2015). FAR keeps 24% onshore and 60% offshore. Needs Kenyan government approval.
31 Jan 2014quarterly activities report▲ Good
December quarter report: both ConocoPhillips and Cairn Senegal farm-ins now have ministerial approval, resolving the open approval. The two wells are now put at about US$200m. Cash is A$23.5m, no debt, with US$5m from Cairn due in Q1 2014. Guinea-Bissau well planned for late 2014.
19 Nov 2013investor presentation● Neutral
Melbourne Mining Club presentation repeated known facts, with the share price at 3.8c, market cap A$95m and cash A$25.7m. It showed a slightly later schedule than before: first Senegal fan well spudding end February 2014 and the second 'L' prospect well early May 2014.
