9 Dec 2011other● Neutral
Announces dates for the December quarter interest on FAR's convertible notes: $0.016875 per note at 15% a year, record date 23 December 2011. Routine administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Nov 2011other● Neutral
Lists FAR's shareholder distribution and top 20 holders as required for the Flow bid: 2,095.4m shares held by 6,566 holders. Largest holder HSBC Custody Nominees at 6.33%. Administrative disclosure only.
28 Nov 2011director officer appointment● NeutralMajor
Catherine Norman becomes Managing Director and Nicholas Limb a non-executive director, as foreshadowed in the Flow bidder's statement. Both come from Flow Energy, bringing new management alongside Michael Evans, who remains Executive Chairman.
28 Nov 2011investor presentation● Neutral
Investor presentation after the Flow takeover: 2,123.4m shares, price 2.5c, market cap $53.1m, cash about $25m. Notes Senegal Decree unlikely before March 2012 elections and Ophir option open to end 2011. Mostly repeats known facts; the October 2011 Senergy report puts Senegal prospective resources at 697m bbl.
25 Nov 2011other● Neutral
Compliance notice for about 26.7m FAR shares issued to professional advisers as payment for advisory services, at prices of 2.6 to 3.02 cents. Administrative; the text does not link it to the Flow takeover.
21 Nov 2011business combination▲ Good
FAR's Flow Energy offer closed with FAR holding 95.23% of Flow's shares. Compulsory acquisition of the remainder has begun, expected to finish before the end of 2011. Completes the takeover launched in September.
10 Nov 2011business combination▲ GoodMajor
FAR declares its Flow Energy takeover offer fully unconditional, holding 93%. Accepting Flow holders get FAR shares within five business days; the offer closes 18 November 2011, with compulsory acquisition of the rest planned. Follows the 90.1% milestone in October.
27 Oct 2011quarterly activities report● Neutral
September quarter report: cash $25.9m, down from $32.3m. Flow takeover reached 90.1%. Guinea-Bissau 3D interpretation supports a possible two-well 2012 program. AGC first renewal extended to 19 September 2012; Ophir's Senegal option runs to 31 December 2011; Decree still awaited.
26 Oct 2011business combination▲ Good
FAR's interest in Flow Energy passes 90% (90.1%), satisfying the minimum acceptance condition. The offer is extended to 18 November 2011. This moves the merger close to compulsory acquisition of the rest.
12 Oct 2011business combination▲ Good
FAR's interest in Flow Energy reaches 75.5% and the offer is extended to 4 November 2011. A Personal Property Securities Act condition has been satisfied; the 90% minimum acceptance condition remains.
30 Sept 2011business combination▲ Good
FAR's relevant interest in Flow Energy passes 50% (50.7%), giving it control. Ophir's option to acquire 25% of FAR's Senegal licences is extended from 30 September to 31 December 2011 by mutual consent.
27 Sept 2011business combination▲ Good
FAR holds a relevant interest in 36.96% of Flow Energy after all Flow directors and the pre-bid parties accepted the offer. Early progress on the takeover, which still needs 90% acceptance.
22 Sept 2011investor presentation● Neutral
Investor presentation on the Flow Energy merger. Repeats the terms: 42.66 FAR shares per Flow share, valuing Flow at $25m, based on FAR's 2.8c close. Pro forma shares of 2,123.4m. No new information.
21 Sept 2011other● Neutral
Lodges the formal Bidder's Statement and Flow's Target's Statement for the Flow Energy takeover. The offer is 42.66 FAR shares per Flow share and closes 21 October 2011 unless extended. Documents only; terms were announced earlier the same day.
21 Sept 2011business combination▲ GoodMajor
FAR launches a recommended takeover of Flow Energy at 42.66 FAR shares per Flow share, valuing Flow at about $25m. It adds Kenya, Jamaica and Australian blocks, and Flow's Catherine Norman joins as Managing Director. Flow holders would own 41.3% of the combined company.
13 Sept 2011other● Neutral
Announces the record date (22 September 2011) and payment of $0.016875 per note, at 15% a year, for the September quarter on FAR's convertible notes. Routine administrative notice.
5 Sept 2011half year report▼ Bad
Half-year accounts to 30 June 2011: loss $6.33m (versus $0.79m a year earlier), cash $32.3m. Confirms Kora-1 plugged and abandoned, AGC first renewal extended to 19 September 2012, and Ophir's Senegal option expiring 30 September 2011 with no notice received.
1 Sept 2011investor presentation● Neutral
Africa Down Under presentation promoting FAR's West African acreage and 2012 drilling plans, subject to farmouts and approvals. Shows share price 3.2c, market cap $40m, cash $26m. Repeats known facts, but the price is far below 16c in February.
28 July 2011drilling result▼ BadMajor
Kora-1 reached 4,447.5m and will be plugged and abandoned as unsuccessful: it found claystone and limestone rather than the expected sandstone reservoir. This is a major setback after the Ophir deal; FAR still plans a Senegal well in 2012 and possibly 2 in Guinea Bissau, subject to farmout.
28 July 2011quarterly activities report▼ Bad
June quarter report: Kora-1 (spudded 28 June) found claystone, not sandstone, and was plugged and abandoned. Cash $32.3m. FAR's Kora cost share is about US$9m, US$6m payable after quarter end. Ophir's 25% Senegal option and the awaited Decree remain open.
28 June 2011drilling spud▲ GoodMajor
Drilling has started on Kora-1, the first deepwater well in the region, targeting mean 448m bbl in 2,700m of water. FAR holds 8.8% beneficial interest, with Noble at 30%. No periodic updates will be released during drilling.
9 June 2011joint venture update▲ Good
Noble Energy has farmed into the AGC Profond block, which includes the Kora prospect. FAR's 10% paying interest (8.8% beneficial) is unaffected. The rig is due on location towards the end of June.
8 June 2011other● Neutral
Announces the record date (22 June 2011) and payment of $0.016875 per note, at 15% a year, for the June quarter on FAR's convertible notes. Routine administrative notice.
28 Apr 2011quarterly activities report● Neutral
March quarter report: cash $36.1m. Kora spud slips to around 15 May 2011, with well cost estimated at about US$40m and US$6m to FAR. Senegal Decree still awaited; US sales $210,068.
21 Apr 2011drilling scheduled▼ Bad
Because of operational delays, the Kora well is now expected to start around 15 May 2011, later than the 11 April date given on 25 March. The timing still depends on the rig being released from a Ghana contract.
11 Apr 2011investor presentation● Neutral
AGM presentation by the chairman. Shows 1.245 billion shares at 12 cents (market cap about $149m) and cash $36.1m, with the Kora well now expected in early May 2011. Repeats known facts; no new results.
25 Mar 2011farm in farm out completion▲ GoodMajor
Detailed agreements with Ophir are finalised and the AGC approval granted: FAR gets a 10% paying interest (8.8% beneficial) in AGC Profond, and Ophir may acquire 22.5% of FAR's Senegal licences. Kora-1 (mean 448m bbl) is expected to spud about 11 April 2011.
14 Mar 2011annual report▲ Good
Annual Report for 2010, lodged in March 2011. The chairman cites the Ophir Kora deal and the $34m raising as key milestones, and says up to two Guinea Bissau wells are likely in 2012. Market capitalisation reached $200m in early 2011.
10 Mar 2011other● Neutral
Announces the record date (23 March 2011) and payment of $0.016875 per note, at 15% a year, for the March quarter on FAR's convertible notes. Routine administrative notice.
7 Feb 2011investor presentation● Neutral
Cape Town Indaba presentation promoting the Kora well and FAR's West African licences. Shows 1.244 billion shares at 16 cents (market cap about $199m) and cash $38.1m, versus 6.5 cents in October 2010. Repeats known facts.