Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2016resource reserve update▲ GoodMajor
FAR assessed SNE as commercially viable, exceeding the roughly 200mmbbl minimum economic field size. Its concept is a standalone FPSO with 140,000 bopd plateau and first oil in 2022, a year later than earlier 2021 estimates. Breakeven is below US$40 per barrel; further appraisal drilling is expected late 2016.
23 Aug 2016resource reserve update▲ GoodMajor
RISC raised SNE 2C contingent resources 14% to 641mmbbl gross (96mmbbl net to FAR), including BEL-1 and SNE-4 data. 1C is 348 and 3C 1,128mmbbl. This is the third upgrade since discovery, up 316% from the pre-drill 154mmbbl. A commerciality statement is due soon.
19 May 2016drilling result▲ GoodMajor
SNE-4 appraisal well succeeded, finding a 102m gross oil column of 32 degree API oil in the eastern SNE field, 5km from SNE-3. It finished ahead of schedule and under budget, the drill ship is released, and drilling resumes in H2 2016. A resource review is due this quarter.
18 Apr 2016drilling spud▲ GoodMajor
SNE-4, the fourth appraisal well, spudded 5km south-east of SNE-1 in 940m of water, targeting 3,020m and about four weeks of work. FAR says the A$60m raising covers its expected obligations, possibly including two further contingent wells, subject to joint venture decision.
13 Apr 2016resource reserve update▲ GoodMajor
RISC raised SNE 2C contingent resources 20% to 561mmbbl gross (84mmbbl net to FAR), from 468mmbbl in February; 1C 277 and 3C 1,071mmbbl. It uses SNE-2 and SNE-3 data but not BEL-1; a further update is expected after BEL-1 and SNE-4.
11 Apr 2016drilling result▲ GoodMajor
BEL-1 discovered gas in the Bellatrix prospect (8m net gas sandstones), confirming the Buried Hills play, and proved the SNE field's northern extent with a roughly 100m oil column. FAR's fifth hydrocarbon find from five wells; a fourth appraisal well, SNE-4, follows within days.
15 Mar 2016drilling spud● NeutralMajor
BEL-1, the third well in the SNE appraisal program, has spudded in about 1,100m of water, targeting roughly 2,757m. It will test the untested Buried Hills play at Bellatrix and be deepened to appraise SNE's northern part. Completion is expected next month; tight-hole policy applies.
8 Feb 2016resource reserve update▲ GoodMajor
Independent assessor RISC upgraded SNE contingent resources to 240/468/940mmbbl (1C/2C/3C) gross. The 2C is up 42% from FAR's earlier 330mmbbl, or 70mmbbl net to FAR. The estimate predates the SNE-2 results, and RISC will update after the wells.
19 Jan 2016drilling progress report● Neutral
SNE-3 has been re-entered and is being drilled to about 2,782m, with coring, logging and flow testing to follow. The announcement mostly repeats the SNE-2 results and the 200mmbbl economic-size goal. BEL-1 follows SNE-3.
10 Dec 2015drilling progress report▲ Good
SNE-2 reached its planned depth of 2,825m on 3 December, ahead of schedule. Preliminary data confirm the SNE discovery and match pre-drill expectations; flow testing is being prepared. The Senegal 3D seismic survey is finished, with final products due in Q3 2016.
5 Nov 2015drilling spud● Neutral
The SNE-2 appraisal well, first of three back-to-back wells, has spudded in about 1,100m of water, targeting roughly 2,770m. Drilling is expected to take about 5 weeks, then logging and flow testing. FAR will make no further announcements until SNE-2 reaches target depth.
2 Nov 2015drilling spud▲ GoodMajor
Drilling has begun on the SNE appraisal program. The SNE-3 top hole is drilled first, then SNE-2 to total depth, about 6 weeks, followed by coring and flow testing; BEL-1 comes last. Program due mid-2016, aiming to show SNE exceeds roughly 200mmbbl.
19 Oct 2015drilling scheduled● Neutral
Ocean Rig Athena left Angola for Senegal, with drilling still expected to start late October. SNE-2 and SNE-3 appraise the SNE field (economic threshold about 200mmbbl); BEL-1 will be deepened into SNE's northern end. Repeats the 14 October plan.
24 Sept 2015farm in farm out agreement▲ GoodMajor
FAR secured an option to earn 75% of Trace Atlantic's Djiffere block, next to its Senegal blocks, by drilling a well before 31 July 2018; option exercisable until 31 October 2016. FAR will fund a US$1.1m 3D survey covering 400km2. Extends the Senegal shelf play.
19 Aug 2015drilling scheduled▲ GoodMajor
Operator Cairn confirmed the third firm Senegal well will target Bellatrix (168mmbbl gross, 25mmbbl net to FAR prospective), which overlies the SNE field's northern end. Government agreed the evaluation program; drilling of the first well is expected early Q4 2015. FAR puts Bellatrix chance of success at 49%.
13 Apr 2015drilling scheduled▲ GoodMajor
FAR and partners plan a first-phase Senegal program starting Q4 2015: two SNE-1 appraisal wells plus one shelf exploration well, and new 3D seismic. FAR estimates the firm program costs about US$150m gross, FAR's share about US$25m (A$33m). Plan goes to Government in May.
20 Nov 2014drilling result● NeutralMajor
SNE-1 reached about 3,000m and found no hydrocarbons in the deeper carbonate target, so it will be plugged and abandoned. The shallower Albian discovery stands. Drilling program ends with two discoveries; appraisal planning is underway and a final evaluation is due in Q1 2015.
10 Nov 2014drilling result▲ GoodMajor
SNE-1 is a second Senegal oil discovery: 36m net pay in a 95m gross oil column with a gas cap, 32° API oil. Operator's contingent resource is P50 330mmbbl gross (50mmbbl net to FAR). Drilling continues to the deeper carbonate target.
7 Oct 2014drilling result▲ GoodMajor
FAN-1 in Senegal is a significant oil discovery: 29m net oil-bearing sandstone within a gross oil interval over 500m, no oil/water contact, oil 28-41° API. This resolves the overdue FAN-1 result. No well test is planned; appraisal planning follows.
27 Aug 2014drilling result▲ GoodMajor
FAN-1 recovered oil samples from a thin sand in a shallow secondary target at 4,402m, which FAR says confirms a working petroleum system. This is not the main target. Drilling continues to about 5,000m, with completion expected within a month.
28 July 2014drilling progress report● Neutral
Drilling has resumed on FAN-1 after the maintenance pause, with the well at about 3,000m and a planned depth of about 5,300m. SNE-1 stays suspended at about 1,900m until FAN-1 finishes. The operator is withholding detail on the well. No result yet.
30 June 2014drilling progress report▼ BadMajor
FAN-1 is at about 3,000m, above the first reservoir target, with maintenance nearly done. Rig delay is expected to raise well costs: FAR may need to contribute about A$24.2m. It has received A$22.2m from farm-outs and held A$42.9m cash at 19 June.
10 June 2014drilling progress report▼ Bad
Operator Cairn has paused FAN-1 for about 12 days of essential rig maintenance after setting casing. Completion is delayed and the well's cost is expected to exceed the original estimate. FAR says its 15% share is funded by future carries and cash already received.
15 May 2014drilling progress report● Neutral
Operator Cairn says the rig is back on FAN-1 after drilling SNE-1's top hole. FAN-1 is now expected to finish mid to late June. No result yet.
7 May 2014drilling progress report● Neutral
FAN-1 has been drilled to 1,200m below seabed and cased. The rig moved to the SNE-1 location to drill its top hole during maintenance, then returns to FAN-1 in five to seven days. No well result yet.
17 Apr 2014drilling spud▲ GoodMajor
Drilling starts on FAN-1, the first Senegal well, resolving the delayed April spud. It tests a fan structure with about 900m barrels (135m net to FAR) and takes about two months. FAR (15%) says its carry and cash cover its share of both wells.
19 Mar 2014drilling scheduled● NeutralMajor
Senegal drilling is delayed from the earlier Q1 2014 target to April, after Cairn finishes a Moroccan well. The two wells target about 1.5bn barrels unrisked. Cash is A$28.4m. FAR also notes Sunbird-1 in Kenya found a hydrocarbon column, encouraging for L6 and L9.
11 Mar 2014resource reserve update▲ GoodMajor
FAR's unaudited assessment of its 100%-owned WA-457-P and WA-458-P permits gives prospective resources of 447m barrels of oil equivalent net to FAR. A 3D seismic survey is planned for mid-2014 and FAR will seek a farm-in partner.
17 Feb 2014farm in farm out completion▲ GoodMajor
Kenyan government approves the Milio farm-in on Block L6, clearing the condition on the 4 February deal. FAR is carried through a US$30m (FAR estimate) program, keeps 24% onshore and 60% offshore, and is still seeking an offshore farm-in partner.
17 Feb 2014farm in farm out completion● Neutral
Partner Pancontinental's own release of the Kenyan approval for the L6 Milio farm-out. It repeats FAR's announcement: Pancontinental keeps 16% onshore, 40% offshore. No new information for FAR.
