Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2024quarterly activities report● Neutral
June quarter cash was US$2.2M. FAR has started seeking offers for the up to US$55M Woodside payment, with first payment still expected early 2025. The first Sangomar cargo loaded after quarter end. No assurance of an acceptable offer.
11 June 2024production update▲ GoodMajor
Woodside announced first oil from Sangomar in Senegal on 11 June 2024, on the mid-2024 target. Woodside expects to make the contingent payments to FAR as previously contemplated, up to US$55M.
31 May 2024other● Neutral
Chair's AGM address repeats known points: Gambia surrendered, Melbourne office closed, US$26.4M returned to shareholders in 2023, and the plan to sell the Woodside payment near first oil, with capital return considered if sold. No new announcements.
29 Apr 2024quarterly activities report● Neutral
March quarter cash was US$2.5M. Gambia blocks surrender was effective 31 March 2024 with the office closed. Sangomar was 96% complete with first oil still mid-2024. Sale process for the Woodside payment is well advanced.
12 Apr 2024director officer appointment● Neutral
Andrew Lilley joined the board as non-executive director. Garth Campbell-Cowan resigned as executive director and CFO, and company secretary Claire Newstead-Sinclair became CFO. The board is now Chairman O'Connor, Kaye and Lilley.
1 Mar 2024other● Neutral
Annual corporate governance statement and Appendix 4G, reporting compliance with ASX governance recommendations for 2023. Compliance filing with no new company developments in the extract.
1 Mar 2024annual report● Neutral
2023 annual report: FAR made redundant its remaining employees, surrendered the Gambia blocks and closed that office. It bought back shares and paid the A$0.40 capital return. The board intends to sell the Woodside payment near first oil, and would consider returning capital if sold.
16 Feb 2024regulatory community update▲ GoodMajor
Senegal's tax authority accepted there was no capital gain on the 2021 sale to Woodside, so FAR no longer faces the roughly US$4M tax claim notified in November 2023. Resolves that open risk.
30 Jan 2024quarterly activities report▼ BadMajor
FAR gave notice to surrender its Gambia Blocks A2/A5 (effective 17 Feb 2024) after remarketing found no partner, ending that thread. Gneiss Energy was appointed to prepare a sale of the up to US$55M Woodside payment. Cash was US$2.9M.
27 Nov 2023regulatory community update▼ BadMajor
The Senegal tax authority has issued a notice with a capital gains tax claim of about US$4M on FAR's 2021 sale to Woodside. FAR would likely have to indemnify Woodside and plans to object. Its liability is uncertain, and the notice is unexpected since the sale agreement had been stamped as tax exempt.
25 Oct 2023quarterly activities report● Neutral
September quarter: US$25M (A$37M) capital return paid 31 Aug, leaving cash of US$3.3M. No Gambia partner has been secured and a decision on the blocks is due before 31 March 2024. Sangomar is 90% complete, with first oil mid-2024.
20 Sept 2023regulatory community update▲ Good
The ATO published a class ruling confirming no part of the 40 cent capital return (approved 18 Aug, paid 31 Aug 2023) is a dividend. Qualifying holders may treat gains as discount capital gains. Resolves the tax question raised in June.
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.
26 July 2023quarterly activities report▲ Good
June quarter cash was US$29.5M. FAR agreed the Gambia terms: permit extended to 30 Sept 2025, lower fixed costs, no spending obligation for 12 months from 1 April 2023. It is remarketing the blocks; the buy-back ended with 6.48M shares bought.
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.
27 Apr 2023quarterly activities report● Neutral
March quarter cash was US$30.7M. FAR is in talks with The Gambia for a 12-month permit extension to 30 Sept 2025, lower fixed costs and no spending obligation from 1 April 2023; no new Gambia partner found. Buy-back took 4.1M more shares.
12 Apr 2023agm notice● Neutral
FAR will hold its 2023 AGM on 31 May 2023 at 11am AEST, with director nominations closing 18 April. Administrative notice only.
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 2023quarterly activities report● Neutral
December quarter: cash US$33.7M. Review of the Gambia data room by several parties is substantially complete, aiming for an outcome in 1H 2023. An on-market buy-back began, with 694,787 shares bought at A$0.689. Woodside payments now likely start early 2025, not 2024.
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.
24 Oct 2022quarterly activities report● Neutral
September quarter: cash US$35.7M, with 2022 spending guidance still US$6.8M. FAR holds 100% of the Gambia blocks, with a data room open for partners, and Woodside says Sangomar is 70% complete with first oil in 2H 2023.
