Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2023half year report● Neutral
Half-year to 30 June 2023 loss was US$2.885M (prior period US$2.582M). It restates the Gambia extension agreement and the continuing marketing without a new joint venture partner, and Sangomar's first oil now mid-2024.
19 July 2023production update▼ BadMajor
Woodside now targets Sangomar first oil in mid-2024, not late 2023; project 88% complete. FAR still expects a first Woodside contingent payment in early 2025 and the full US$55M before the 2027 long stop.
12 July 2023security holder rights change▲ Good
Formal notice of the A$0.40 per share capital return: shareholder vote 18 Aug 2023, ex-date 23 Aug, record date 24 Aug, payment 31 Aug. An ATO class ruling application is in progress. Follows the 19 June proposal.
19 June 2023capital raising announcement▲ GoodMajor
FAR proposes a 40 cent per share capital return (about US$25M of roughly US$30M cash), to go to a shareholder vote in mid-August. The on-market buy-back is terminated. No new business initiative offering better returns had been identified.
31 May 2023other● Neutral
FAR lodged its updated Constitution as adopted at the 31 May 2023 AGM. It is a compliance filing; the extract does not show what changed.
31 May 2023other● Neutral
Chair's AGM address repeats known points: cash US$30.7M, up to US$55M Woodside payment, 2023 baseline corporate costs about US$1.7M, and buy-back running to 10% or 30 Nov 2023. No new announcements in the extract.
31 May 2023investor presentation● Neutral
AGM presentation repeats known facts. It adds that no new business initiative has reached the stage needing a board or shareholder vote, and that offers for the Woodside payment and Gambia farm-out are to be sought by year end.
30 Mar 2023other● Neutral
FAR released its 2022 Corporate Governance Statement and Appendix 4G. It is a compliance document with no new business information.
30 Mar 2023annual report● Neutral
The 2022 annual report carries a clean audit opinion from Moore Australia, with no key audit matters. The extract shown contains only the auditor's declaration and report, with no new operating or financial figures.
30 Jan 2023director officer appointment● Neutral
Non-executive director Alan Stein resigned immediately, and CFO Garth Campbell-Cowan joined the board as a director. The board will review its size and skills mix, leaving two non-executives plus the CFO.
30 Jan 2023other● Neutral
FAR lodged another revised Securities Trading Policy under the listing rules. It is a compliance document with no new business information.
18 Jan 2023admin correction● Neutral
An ASIC form records cancellation of 694,787 shares bought back at a cost of 478,977, leaving 98,195,094 ordinary shares from 31 Dec 2022. It is a routine administrative filing.
18 Jan 2023auditor change● Neutral
Moore Australia replaces Deloitte as auditor from 18 January 2023, after Deloitte resigned with ASIC's consent. FAR says the choice reflects its focus on reducing corporate costs and Moore's competitive fees; shareholders will vote to ratify it at the 2023 AGM.
12 Sept 2022half year report● Neutral
Half-year to 30 June 2022 loss was US$2.58M (prior period US$7.1M), including US$105k restructuring costs. It confirms terms agreed for the Gambia extension period and that PETRONAS assigned its 50% licence interest to FAR after period end.
2 Sept 2022other▲ Good
FAR expects the full US$55M Woodside contingent payment, after Woodside said Sangomar development was 63% complete at 30 June 2022 with first oil in 2H 2023. Annual payments are expected from 2024; the board may consider monetising it nearer production.
30 Aug 2022other● Neutral
FAR lodged a revised Securities Trading Policy under the listing rules. It is a compliance document with no new business information.
26 Aug 2022farm in farm out completion▲ GoodMajor
FAR bought PETRONAS's 50% of Gambia Blocks A2 and A5, taking it to 100%, and the government removed the obligation to drill a well in the next two-year term from 1 Oct 2022. FAR opened a data room seeking partners to fund work; new Bambo-1 lab results favour Panthera.
11 July 2022director officer appointment● Neutral
Claire Newstead-Sinclair of Vistra replaces Elisha Larkin as Company Secretary from 11 July 2022. FAR says the move supports its drive to cut fixed corporate overhead costs.
31 May 2022investor presentation● Neutral
AGM presentation repeats known points: the Woodside payment of up to US$55M is likely to be received in full, with annual payments anticipated from 2024. FAR is in talks with its partner and government, and future Gambia drilling is to be funded by new investors.
7 Apr 2022director officer appointment● Neutral
CFO Victoria McLellan has resigned, finishing end of April. Garth Campbell-Cowan, formerly of St Barbara, is appointed CFO on a contract for the transition, continuing the leadership turnover after the managing director's exit.
30 Mar 2022other● Neutral
FAR released its Corporate Governance Statement and Appendix 4G for 2021. This is a compliance document with no new business information.
30 Mar 2022annual report● Neutral
The 2021 annual report shows uncommitted cash of US$33.4M at year-end and 2022 expected cash outflows of US$6.8M. The board values a FAR share at no less than A$1.00, and repeats the Gambia farm-out/demerger strategy.
29 Mar 2022other● NeutralMajor
The board will keep the up-to-US$55M Woodside contingent payment inside FAR rather than demerge it, resolving the Meridian proposal. It now seeks a Gambia farm-out with a well carry or outright sale, with a demerger of those assets as fallback.
24 Mar 2022director officer appointment● NeutralMajor
Managing Director Catherine Norman was given termination notice and resigned as a director. Chairman Patrick O'Connor will oversee the business during a transition, with the board promising a strategy update to reflect asset value in the share price.
18 Mar 2022director officer appointment● Neutral
Dr Alan Stein, a founder of Ophir Energy, joins as non-executive director. Existing non-executives accept lower fees from 1 April (A$110,000; chair A$145,000), so total director fees do not rise.
15 Mar 2022business combination● NeutralMajor
The Samuel Terry 45c takeover offer closed with its conditions unsatisfied or waived, so acceptances will not be processed. This ends the bid FAR's directors had recommended rejecting.
15 Mar 2022asset acquisition disposition● NeutralMajor
FAR has begun withdrawing from its Guinea Bissau blocks after farm-down efforts with operator PetroNor failed. It expects no new material costs, impaired US$2.7M in 2021, and a contingent liability of up to US$13M no longer applies.
4 Mar 2022business combination● Neutral
Samuel Terry notified that its minimum acceptance condition is unfulfilled and it holds about 4.9%, the same as before the bid. The offer is due to end 14 March 2022.
23 Feb 2022business combination● Neutral
FAR's Target's Statement says directors unanimously recommend rejecting Samuel Terry's 45c offer as inadequate, opportunistic and conditional. This formalises the earlier 'take no action' stance and the pending Target's Statement.
21 Feb 2022resource reserve update▲ GoodMajor
After reviewing the Bambo wells, FAR high-graded three Gambia prospects (Panthera, Jatto, Malo); the four mapped prospects total 1,594 MMbbl best-estimate unrisked (100% basis). FAR will seek a farm-down for a well carry in late 2023 and cut its 2022 budget about 40% to US$5.7M.
