Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2008drilling result▼ BadMajor
Pitchford #2 is also a failure: the Yegua and Cockfield appear wet, the Frio is marginal, and the well will be plugged and abandoned. Both shallow NE Waller wells are now dry. FAR (34%) still plans to farm out the deeper Wilcox prospects.
2 Dec 2008drilling progress report● Neutral
Pitchford #2 spudded 28 November and is drilling ahead at 3,048 ft toward 7,100 ft. FAR (34%) intends to seek farm-in partners for the Wilcox and deeper prospects, which it calls the main thrust of the NE Waller program.
25 Nov 2008material agreement▲ GoodMajor
Senegal's Energy Minister granted a one-year extension of the licence phase, resolving the open extension request. FAR intends, subject to Petrosen approval, to lift its interest from 30% to 90% and take over as operator. Two farm-in offers are held, with a third from a major pending.
18 Nov 2008drilling result▼ BadMajor
Pitchford #1 at NE Waller is a dry hole: logs showed no hydrocarbons and it will be plugged and abandoned. It serves as 3D seismic calibration for the remaining Frio prospects, whose future drilling is to be reviewed. Pitchford #2 rig due this weekend. FAR holds 34%.
12 Nov 2008drilling progress report● Neutral
Pitchford #1 started drilling on Monday and casing is set at 475 ft. Logging is likely over the weekend. Pitchford #2 is still expected to start within ten days. FAR holds 34%.
7 Nov 2008drilling spud● Neutral
The NE Waller Pitchford #1 rig arrives 7 November, with drilling to start immediately. It is a 4,500 ft Frio test on a turnkey basis and targets total depth by 11 November. Pitchford #2 (7,100 ft Yegua) to follow within ten days. FAR holds 34%.
4 Nov 2008well test result● Neutral
Partner Emerald re-releases the 4 November Stokes Bay-1 result: testing complete, no definitive Nullara formation fluids, joint venture to consider next steps. Nothing new for FAR shareholders.
4 Nov 2008well test result● Neutral
Partner Pancontinental re-releases the 4 November Stokes Bay-1 result: testing completed with no definitive formation fluids recovered. Nothing new for FAR shareholders.
4 Nov 2008well test result▼ Bad
FAR's copy of the 4 November update: Stokes Bay-1 testing is complete, with 190 more barrels of drilling fluid recovered and no definitive formation fluids from the Nullara. The joint venture will decide next steps. FAR holds 8%.
4 Nov 2008well test result▼ BadMajor
Operator Buru reports Stokes Bay-1 testing is finished: only 190 more barrels of drilling fluid recovered, no definitive Nullara formation fluids, crew demobilised. Other methods must be evaluated. A disappointing result for FAR (8%), though the well is not yet written off.
4 Nov 2008well test result● Neutral
Partner Empire re-releases the operator's 4 November Stokes Bay-1 result: no definitive formation fluids recovered, crew gone, other methods to be evaluated. Nothing new for FAR (8%) shareholders.
31 Oct 2008capital raising announcement● Neutral
FAR issued the final 11,250,000 shares at 8 cents under the July placement, completing the roughly A$4m raise. Administrative notice; no new money beyond what was announced.
21 Oct 2008drilling progress report● Neutral
Empire reports the crew is on site at Stokes Bay-1 and has begun fresh water circulation and swabbing while awaiting the nitrogen unit. It restates earlier mud-gas indications. No formation fluid has been recovered yet.
21 Oct 2008drilling progress report● Neutral
Partner Pancontinental re-releases the 21 October Stokes Bay-1 update: swabbing under way, nitrogen unit awaited, no formation fluids yet. Nothing new for FAR shareholders.
21 Oct 2008drilling progress report● Neutral
FAR's copy of the 21 October update: Stokes Bay-1 testing crew is on site, swabbing has started, and the nitrogen unit is awaited. No formation fluids recovered to date. FAR holds 8%.
21 Oct 2008drilling progress report● Neutral
Partner Emerald re-releases the 21 October Stokes Bay-1 update: testing crew on site, nitrogen unit being mobilised, no formation fluid yet recovered from the Nullara. Nothing new for FAR (8%) shareholders.
7 Oct 2008drilling progress report● Neutral
Partner Emerald re-releases the 7 October Stokes Bay-1 update: nitrogen replaces surfactant, testing expected in October. Nothing new for FAR (8%) shareholders.
7 Oct 2008drilling progress report● Neutral
FAR's copy of the 7 October update: Stokes Bay-1 road works are being finished, nitrogen replaces the surfactant plan, and testing is expected in October. No formation fluids recovered so far.
7 Oct 2008drilling progress report● Neutral
Stokes Bay-1 (FAR 8%): crews are mobilising to finish road works. Nitrogen replaces the foaming-water plan to lift heavy mud, with testing now expected in October. No formation fluid has yet been recovered from the Nullara.
25 Sept 2008joint venture update▲ GoodMajor
Two written farm-in offers for a Senegal well have arrived, with a third pending. Partners (FAR 30%) have asked for the licence phase to be extended one year. FAR still seeks a free carry. NE Waller rig due 15 October; Stokes Bay testing now October.
3 Sept 2008well test result● Neutral
Operator Buru (ARC's parent) says all Stokes Bay-1 partners agreed to more testing from late September, starting with foaming fresh water to induce flow. Closure could be up to 17 km2. No test result yet. FAR holds 8%.
3 Sept 2008well test result● Neutral
Partner Pancontinental (10%) re-releases the same Stokes Bay-1 testing announcement: further testing from late September. No new information for FAR shareholders.
3 Sept 2008well test result● Neutral
Partner Empire re-releases the agreed Stokes Bay-1 testing plan, starting late September, and puts the potential closure at up to 17 km2. Nothing new for FAR (8%) shareholders.
3 Sept 2008well test result● Neutral
Partner Emerald (12.75%) re-releases the agreed Stokes Bay-1 testing plan. No new information for FAR shareholders.
3 Sept 2008well test result● Neutral
FAR issues its own copy of the agreed Stokes Bay-1 testing plan: all partners approved further testing from late September to find out what fluid the Nullara reef holds. FAR holds 8%. It repeats the earlier partner releases, with no result yet.
3 Sept 2008admin correction● Neutral
Empire announced that all parties to the EP 104 and R1 joint venture agreed to further testing of Stokes Bay-1, planned to start in late September 2008. The first step is circulating fresh water with surfactant to induce flow from the Nullara reef.
2 Sept 2008drilling scheduled▲ Good
NE Waller (FAR 34%): a rig is contracted for the first shallow Frio well, Pitchford #1, to spud this month at an estimated US$250,000 turnkey, below earlier budget. A rig for Pitchford #2, a 7,100 ft Yegua test, is to be chosen in early September.
1 Sept 2008half year report▼ Bad
Half-year to 30 June 2008: loss of $3,547,015 (versus $1,804,253 a year earlier). North American oil and gas revenue rose 70% to $1,437,686, helped by Lake Long and higher prices. Text is truncated.
5 Aug 2008capital raising announcement▲ Good
The Share Purchase Plan closed with applications for 13,037,500 shares, over $1 million. Together with the $4 million placement at 8 cents, FAR says this funds its work program. Shares are expected to be allotted on 11 August.
4 Aug 2008production update▲ GoodMajor
Production started on 1 August from the 5500 ft sand in Lake Long #6 (FAR 31.375%), flowing at 1.1 million cubic feet of gas a day while still cleaning up. This follows last month's completion work and is expected to reach about 1.5 million cubic feet a day.
