Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2009regulatory community update▲ Good
A Presidential Decree confirms the one-year Senegal licence extension, finalising the ministerial approval of 12 November. Farmout reviews continue with several companies, and FAR says it is also pursuing new ventures, with no details given.
26 Nov 2009dividend declaration● Neutral
Routine notice of quarterly interest on the 15% convertible notes: $0.016875 per note for the quarter to 31 December 2009, record date 23 December.
17 Nov 2009listing compliance notice● Neutral
ASX sends an 'aware' letter asking when FAR learned of the Senegal extension and whether it breached continuous disclosure rules. The text shown contains only the questions, not FAR's answers.
12 Nov 2009regulatory community update▲ GoodMajor
Senegal's energy minister confirms a one-year extension of the Senegal licence term, running from a formal Presidential Decree still to come. Removes the 22 November expiry risk while farmout reviews by several large companies continue; FAR seeks cost recovery and a free carry for one well.
29 Oct 2009investor presentation● Neutral
Mining 2009 conference presentation repeating Senegal prospects, the CSEM outcome, the China sale and cash of $12.6m. Notes drilling costs have fallen. No new results.
21 Sept 2009joint venture update● NeutralMajor
Shell's CSEM results are inconclusive: the most prospective southern fan showed a complex anomaly. FAR keeps the data, has received US$3.0m from Shell, applied for a one-year licence extension and started farmout talks with several approaching parties.
7 Sept 2009dividend declaration● Neutral
Routine notice of quarterly interest on the 15% convertible notes: $0.016875 per note for the quarter to 30 September 2009, record date 22 September.
1 Sept 2009investor presentation● Neutral
Good Oil Conference presentation promoting Senegal after Shell's exit, citing 90% interest, over US$21m spent on seismic and CSEM, and cash of $13.15m. Repeats known facts and adds no new results.
24 Aug 2009farm in farm out completion▼ BadMajor
Shell declines its option to take 70% of the Senegal licences, ending the March 2009 deal. FAR keeps 90%, stays operator, receives US$3m plus about US$0.5m of past costs, and must now seek a new partner and a licence extension.
5 June 2009dividend declaration● Neutral
Routine notice of quarterly interest on the 15% convertible notes: $0.016875 per note for the quarter to 30 June 2009, record date 22 June.
1 June 2009joint venture update● Neutral
Shell-funded CSEM data acquisition in Senegal was completed 28 May 2009. Shell now has 90 days to decide whether to exercise its option to take 70%, so the key decision falls around late August.
28 May 2009investor presentation● Neutral
AGM presentation reviewing the past year: the Senegal extension, Shell farm-in, China sale and convertible note roll-over. It also notes executive pay cuts. Repeats known facts and adds no new results.
13 May 2009joint venture update▲ Good
CSEM data acquisition has begun offshore Senegal, funded by Shell and expected to take about two weeks. This starts the process that lets Shell decide whether to take 70% of the licence.
4 May 2009investor presentation● Neutral
May 2009 presentation repeating known facts: Shell and Senegal deal, 646m shares, and about A$13.15m cash, which includes the expected Shell payment and excludes China sale instalments. States government approved the CSEM program in April.
22 Apr 2009admin correction● Neutral
Routine section 708A notice confirming issue of 70,000,000 shares at 5c under the 26 March placement, which raised about $3.5m.
16 Apr 2009asset acquisition disposition▲ Good
The sale of the 5% Beibu Gulf interest completed and the first US$2m was received. The remaining US$6m of the US$8m price is contingent on development plan approval and 1 million barrels produced.
1 Apr 2009asset acquisition disposition▲ GoodMajor
FAR agrees to sell its 5% Beibu Gulf Block 22/12 interest to South Sea Oil (Majuko Group) for US$8m: US$2m within 14 days, US$3m on development plan approval, US$3m after 1 million barrels produced. This resolves the December 2008 decision to sell.
30 Mar 2009annual report● Neutral
2008 annual report. The chairman calls 2008 the most turbulent year in FAR's history, points to the Shell Senegal deal, and says Beibu Gulf could reach first oil by early 2011. A Beibu Gulf overall development plan is expected by mid 2009.
26 Mar 2009capital raising announcement▲ GoodMajor
FAR reached an in-principle agreement with Hartleys to raise up to $3.5 million by placing up to 70 million shares at 5 cents, for working capital. The announcement followed the Shell Senegal agreement and lifted a trading halt.
What it means for a shareholder
70.0m new shares at A$0.050 to raise about A$3.5m. That's 71% dilution: every existing holder's slice gets 71% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0693% to 0.0202% of the company. To keep it you'd need 48,527 more shares - about A$2,426 at the issue price.
Create a free account to see this worked out for your own holding.
25 Mar 2009farm in farm out agreement▲ GoodMajor
FAR signs a conditional Senegal deal with Shell: Shell funds a seabed electromagnetic survey and may then take 70%, carrying FAR through a well up to US$65m and leaving FAR 20%. FAR recoups about US$3.4m of past costs regardless. This resolves the farm-in search.
11 Mar 2009dividend declaration● Neutral
Routine notice of interest on the new 15% convertible notes for 10 February to 31 March 2009: $0.0092466 per note, paid 31 March, record date 23 March.
26 Feb 2009capital raising announcement● Neutral
FAR confirms the 4,500 convertible notes offered under the 11 February prospectus were allotted and the offer closed fully subscribed. Administrative; the amount is negligible.
12 Feb 2009other● Neutral
Execution copy of the convertible note trust deed with Australian Executor Trustees; the scanned text is largely unreadable signature pages and carries no new information.
12 Feb 2009capital raising announcement● Neutral
FAR confirms allotting 6,633,533 convertible notes, completing the December institutional placement (about $2.99m at $0.45). One holder, HSBC Custody Nominees, holds 83.75% of the notes. Trust deed to be lodged separately.
11 Feb 2009capital raising announcement● Neutral
Prospectus for a small top-up of 4,500 convertible notes at $0.45 each (about $2,025 in total). It follows the December institutional placement, approved by shareholders 23 January, in which 6,633,533 notes raised $2,985,090 before costs.
23 Jan 2009material agreement▲ GoodMajor
Petrosen formally approves FAR increasing its Senegal interest to 90% and becoming operator. A third written farm-in offer, from a major, has been received and negotiations continue. FAR still seeks a free carry through the first exploration well.
14 Jan 2009dividend declaration● Neutral
Notice of the final interest payment on the old convertible notes: $0.0059452 per note, paid 31 January 2009 for January. Quotation of the notes ceases 23 January 2009 ahead of maturity.
8 Jan 2009security holder rights change● Neutral
Letter to holders of the existing convertible notes maturing 31 January 2009: convert each into 5 shares at an effective 14c or take $0.70 cash repayment. Shares were then trading at 3.1c, below the 14c conversion price.
16 Dec 2008dividend declaration● Neutral
Routine notice of the quarterly interest payment on the existing convertible notes: $0.0175 per note at 10% per annum, paid 31 December 2008 for 1 October to 31 December.
16 Dec 2008capital raising announcement● NeutralMajor
FAR agrees in principle to raise up to $3.5m via convertible notes (convert at 4.5c, 15% coupon, due 31 Jan 2012) plus up to $750k placement of 28.85m shares at 2.6c, both subject to shareholder approval. It will also pursue a sale of its Beibu Gulf (China) interest and says Petrosen has no objection to its 90% Senegal stake.
