Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2012quarterly activities report● Neutral
September quarter report: cash $24.5m (down from $33.7m). Kenya L6 3D fast-track data is very good, with drilling targeted for 2013. FAR dropped its 50% Jamaica permits to focus on Africa, and the WA-47-R sale to Hydra is for A$188,727.
8 Oct 2012asset acquisition disposition● NeutralMajor
FAR agrees to sell its 11.25% interest in the WA-47-R permit (Sage field, Carnarvon Basin) to Hydra Energy, effective 1 August 2012. Described as not fitting FAR's Africa focus; completion needs JV and government approvals. No price stated.
12 Sept 2012half year report▲ Good
Half-year to 30 June 2012: loss $345,943 (versus $6.33m a year earlier), cash $33.7m after the $15m raising. Reports Apache's neighbouring Mbawa well in L8 found 52 net metres of gas pay, a positive read-across for FAR's Kenya acreage.
10 Sept 2012director officer appointment● Neutral
Ben Clube, a former BHP Petroleum finance executive and ex-Oilex finance director, joins as Commercial Manager from October 2012. He will handle joint ventures, commercial evaluation and business development, reporting to the Managing Director.
20 Aug 2012director officer appointment● Neutral
Peter Thiessen, formerly Flow Energy's CFO, becomes CFO and Company Secretary as FAR closes its Perth office and moves its registered office to Melbourne. Colin Harper leaves on 30 September 2012. Consolidates management with the former Flow team.
31 July 2012quarterly activities report● Neutral
June quarter report: cash $33.7m, Kenya 3D complete, final data due mid-January 2013. Senegal partner process underway; Beibu Gulf US$3m final payment awaits production, targeted around end 2012. Apache's Mbawa well due in August.
12 July 2012drilling progress report● Neutral
Partner Pancontinental reports the Kifaru 3D acquisition is finished, covering 778 km2 against the 680 km2 planned. It says drilling is planned for 2013 or early 2014, slightly looser than FAR's mid-2013 timing.
12 July 2012drilling result▲ Good
FAR completes Kenya L6 3D seismic acquisition within the expected timeframe; early review suggests good quality data. Interpreted results are expected early Q1 2013, ahead of a planned mid-2013 first well.
13 June 2012drilling progress report● Neutral
Pancontinental, FAR's 40% L6 partner, repeats that the Kifaru 3D survey is starting, using the vessel Fugro Geomariner, with acquisition finishing early July 2012. Duplicates FAR's own announcement of the same day.
13 June 2012drilling progress report● Neutral
FAR says the Kenya L6 3D seismic survey (680 km2, FAR share $8.2m) starts acquisition on 15 June, finishing early July. Slightly later than the end-of-May start previously signalled; first L6 well still targeted for 2013.
31 May 2012investor presentation● Neutral
AGM presentation repeating known facts: 2,499.8m shares, 3.8c share price, A$95m market capitalisation, A$34.9m cash, 5 wells proposed in two years (assuming options are taken up). Notes the Evans retirement and Kenya L6 seismic starting in June.
30 Apr 2012contract award▲ GoodMajor
FAR awards the 680 km2 Kenya L6 3D seismic contract, budgeted at $13.67m (FAR share $8.2m), starting end of May for about 5 weeks. Follows the March raising; aims to firm up seven prospects ahead of a mid-2013 first well.
30 Apr 2012contract award▲ Good
Partner Pancontinental (40% of Kenya L6) says Fugro-Geoteam won the 680 km2 Kifaru 3D seismic contract, budgeted at $13.67m (its share $5.5m). Confirms FAR's L6 survey is going ahead; drilling is planned for the 2013 licence year.
30 Apr 2012quarterly activities report▲ Good
March quarter report: cash $35.8m at 30 April after the $15m raising, and the company says it is now debt free after repaying a convertible note ($2.9m). Senegal farmout reinvigorated by the Decree; L6 seismic to cost FAR $8.2m. Guinea Bissau quiet.
23 Apr 2012capital raising announcement▲ Good
The Share Purchase Plan is allotted, raising $3m through 69.77m shares after pro rata scale-back. With the $12m placement, funds the Kenya L6 and L9 programmes. Completes the $15m raising at 4.3c.
What it means for a shareholder
69.8m new shares at about A$0.043 to raise about A$3.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held A$1,000 of shares (23,257 at the issue price), your slice goes from 0.00265% to 0.00245% of the company. To keep it you'd need 1,848 more shares - about A$79 at the issue price.
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19 Apr 2012director officer appointment● NeutralMajor
Executive Chairman Michael Evans, in the role since 1992, retires from the board. Nicholas Limb, a director since the Flow takeover, becomes Chairman; Cath Norman leads as Managing Director. Completes the leadership handover to the former Flow team.
16 Apr 2012capital raising announcement▲ Good
The Share Purchase Plan closed oversubscribed against its $3m cap, so applications will be scaled back pro rata, with refunds of the excess. Allotment expected around 20 April 2012.
5 Apr 2012capital raising announcement● Neutral
FAR issued 280 million shares at 4.3 cents each, the first tranche of the share placement announced on 29 March 2012. The notice is a routine compliance filing for those shares.
What it means for a shareholder
280m new shares at A$0.043 to raise about A$12.0m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (23,256 at the issue price), your slice goes from 0.00265% to 0.00201% of the company. To keep it you'd need 7,416 more shares - about A$319 at the issue price.
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2 Apr 2012capital raising announcement● Neutral
Offer documents for the Share Purchase Plan: eligible holders can buy up to $15,000 of shares at 4.3c, about an 8.9% discount, with the plan capped at $3m and scale-back if oversubscribed. Open 2 to 13 April 2012; funds go to Kenya exploration.
2 Apr 2012other● Neutral
Administrative notice that FAR will offer shares under a share purchase plan without a prospectus, under ASIC Class Order CO 09/425. Relates to the SPP in the March placement.
29 Mar 2012annual report● Neutral
2011 Annual Report. Chairman Evans says it may be his last review as he hands over to new management. Cash and receivables $27.6m; Kora-1 dry; Flow acquired; Decree received early 2012. Up to two Guinea Bissau wells likely in 2013.
29 Mar 2012capital raising announcement▲ GoodMajor
FAR raises $15.04m for Kenyan exploration: a 280m-share placement at 4.3c ($12.04m) plus a Share Purchase Plan of up to $3m at the same price. Intended to maintain its interests in Kenya Blocks L6 and L9.
7 Mar 2012asset acquisition disposition▲ Good
FAR receives the second US$3m payment from the sale of its Beibu Gulf Block 22/12 interest. A final US$3m is due once 1m barrels are produced; operator ROC expects first oil by end 2012.
15 Feb 2012regulatory community update▲ GoodMajor
FAR receives the Presidential Decree for its Senegal second renewal period, running two years from 6 February 2012. Resolves the long-awaited Decree, though the well obligation and US$5m bond remain.
13 Feb 2012regulatory community update▲ GoodMajor
Senegal's Energy Minister confirms FAR's second renewal period of two years on its Senegal blocks; a Presidential Decree is being finalised. A well within two years, backed by a US$5m forfeitable bond, is still required. FAR is seeking a farm-in partner.
30 Jan 2012quarterly activities report● Neutral
December quarter report: Flow compulsory acquisition completed 22 December 2011, with 2,150.4m shares on issue. Cash $23.8m, down from $25.9m. Senegal Decree still awaited and Ophir's option lapsed. Guinea Bissau first well likely late 2012/early 2013; Kenya L-6 3D seismic planned Q2 2012.
20 Jan 2012other● Neutral
ASX notice that FAR's convertible notes (FARGA), maturing 31 January 2012, will be suspended from quotation after close of trading on 23 January 2012. Administrative.
5 Jan 2012other● Neutral
Final interest payment on the convertible notes, $0.005733 per note for January 2012, with record date 23 January. Corrects the earlier note: quotation ends 23 January 2012. Routine administrative notice.
29 Dec 2011security holder rights change● Neutral
Notice to holders that the convertible notes mature 31 January 2012. Each note converts into 10 shares (effective 4.5c) or is repaid at $0.45. Shares were at 2.7c, below the conversion price (an inference: repayment is likelier than conversion).
21 Dec 2011farm in farm out agreement▼ BadMajor
Ophir will not exercise its option to take 25% of FAR's Senegal licences, so FAR keeps 90%. Talks continue with other possible farm-in partners to secure an exploration well commitment. Resolves the option extended repeatedly through 2011.
