27 May 2010admin correction● Neutral
Following an AGM special resolution on 24 May and ASIC approval, First Australian Resources Limited is renamed FAR Ltd. It continues to trade under ASX code FAR. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 May 2010investor presentation● Neutral
AGM presentation repeating the Senegal farmout marketing, Guinea Bissau and West Africa peer comparisons. Shows price $0.063, market cap about $41.5m and cash about $11.0m. Notes FAR retained ENVOI to broaden marketing. No new results.
27 Apr 2010other● Neutral
Notice that Executive Chairman Michael Evans gave an interview at a Sydney roadshow, with a web link. No substantive new information in the announcement itself.
22 Apr 2010regulatory community update▲ Good
Partner Pancontinental announces grant of production licence L15 over the West Kora-1 oil discovery in the Canning Basin, 21 years from 1 April 2010. FAR holds 12% of the licence; the aim is to restore production, but workover and refurbishment planning is still needed.
22 Apr 2010regulatory community update▲ Good
Empire's release repeats the grant of production licence L15 over West Kora-1 (21 years from 1 April 2010), with FAR at 12%. Adds history: about 20,000 barrels produced in earlier tests. A workover programme is still to be decided by operator Buru.
19 Apr 2010investor presentation● Neutral
'Playing the Margin' investor presentation promoting Senegal farmout and Guinea Bissau, comparing FAR with Tullow/Hardman. Shows 658.2m shares, price $0.060, market cap about $39.5m, cash $11.0m. Repeats known facts; no new results.
16 Apr 2010quarterly activities report● Neutral
March quarter report: Senegal farmout talks continue with no deal. Guinea Bissau 2D results show a new Cabacera/Bica prospect, and Petroguin approval is secured with ministerial approval still pending. Cash $11.0m; US sales $286,581; China US$3m trigger now expected Q2 2010.
30 Mar 2010annual report▲ Good
2009 annual report: FAR reports a profit of $2,142,343 for the year, helped by the Beibu Gulf sale. The chairman highlights the Guinea Bissau entry (gross holdings 13,322 sq km), the Senegal extension and ongoing farmout. 3D seismic planned late Q3 2010.
10 Mar 2010dividend declaration● Neutral
Routine notice of quarterly interest on the 15% convertible notes: $0.016875 per note for the quarter to 31 March 2010, record date 23 March.
3 Mar 2010joint venture update● Neutral
Operator-partner Empire's release on its own Gingin West-1 testing and a planned further test of Stokes Bay-1 in the 2010 dry season. FAR is an 8% holder in the Stokes Bay JV; earlier test results there were inconclusive. Nothing new for FAR itself.
28 Jan 2010quarterly activities report● Neutral
December quarter report: Senegal licence extension confirmed to 23 Nov 2010 and farmout talks continue with several large companies; Guinea Bissau 15% deal agreed, awaiting approvals. Cash $11.7m; US$6m China receivables still conditional, second US$3m payment likely in Q1 2010.
21 Dec 2009asset acquisition disposition▲ GoodMajor
FAR agrees to acquire from Delek a 15% interest in three Guinea Bissau licences, including the Sinapa oil discovery (P50 240m barrels in place), operated by Svenska. Subject to government approval. This is the new venture hinted at earlier, widening FAR beyond Senegal.
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.
22 Oct 2009quarterly activities report● Neutral
September quarter report: Shell's final US$3.5m received, CSEM deemed inconclusive but not ruling out hydrocarbons, extension application and farmout talks under way. Cash $12.6m; US$6m China receivables remain conditional. US sales $337,916.
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.
24 July 2009quarterly activities report● Neutral
June quarter report: Shell finished the Senegal CSEM survey and expects a decision on its 70% option before end of August. China sale first instalment received; US sales were $324,626, with FAR still limiting US spending to maintaining production.
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.
28 Apr 2009quarterly activities report● Neutral
March quarter report: Shell agreement signed and CSEM survey planned, US$8m China sale agreed, and $7.25m raised. US sales fell to A$382,540 as FAR limits US spending to maintaining production. New NE Waller prospects mapped, including Magnolia (30 BCF potential).
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.