Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2008drilling scheduled● Neutral
Testing at Stokes Bay-1 (FAR 8%) is expected to resume in August, after the wet season curtailed it. FAR calls the porosity and permeability in the Nullara reef encouraging, but no formation fluids have yet been recovered from it.
12 June 2008security holder rights change● Neutral
Routine notice of a 10% convertible note interest payment of $0.0175 per note, covering 1 April to 30 June 2008, paid 30 June with a record date of 23 June.
26 May 2008investor presentation● Neutral
Presentation repeating known Senegal and other project material. It gives market capitalisation of about $62.9m at 13c, cash $5m at 31 March 2008, and convertible notes $5.39m. Text is truncated.
22 May 2008drilling scheduled▲ GoodMajor
FAR (34%) plans two NE Waller wells, targeting Frio at 3,850 ft and a Cockfield/Yegua fault closure, with drilling expected early third quarter 2008. FAR is participating in both, with dry-hole costs about US$300,000 and US$500,000. Over 50 BCFE potential is anticipated.
19 May 2008joint venture update● Neutral
Re-statement of the Senegal marketing campaign (FAR 30%): the shelf-edge closure is described as having billion-barrel mean potential in place. Data rooms remain open and FAR still expects a free carry through one well if a farmout succeeds. No new data.
8 May 2008investor presentation● Neutral
AGM presentation repeating known project updates. It states cash of $5 million at 31 March 2008, down from $12.46m a year earlier, and Stokes Bay Nullara testing resuming early third quarter 2008 rather than April.
29 Apr 2008quarterly activities report● Neutral
March quarter report: US oil and gas sales were $693,541, up from $633,432 the prior quarter. Senegal marketing began after quarter end, the two-well China program found only non-commercial shows, and WA-254-P marketing started. Stokes Bay-1 evaluation is being planned.
15 Apr 2008other● Neutral
Administrative notice: FAR's registered office moves to Unit B1, 431 Roberts Road, Subiaco, WA, with new phone and fax numbers.
7 Apr 2008joint venture update▲ GoodMajor
Operator Hunt has begun a global farm-out campaign for the Senegal prospects (FAR 30%). Hunt's estimates put the shelf-edge closure's mean potential above 1 billion barrels of oil in place. If the farmout succeeds, FAR expects to be free carried through one well.
4 Apr 2008other● Neutral
Administrative notice: the share registry moves to 150 Stirling Highway, Nedlands from 7 April 2008. Phone and fax numbers are unchanged.
1 Apr 2008director officer appointment● Neutral
Non-executive director Warwick Grigor resigned on 1 April 2008 to focus on other commitments. He remains a consultant to FAR, having previously provided financial public relations services.
28 Mar 2008annual report● Neutral
2007 annual report. Chairman cites the shift to prospect generation and Senegal as the focus. Oil and gas sales were $1,963,133, down from $2,999,975 in 2006. China development decision (FID) is expected mid 2008, with first production possibly 2010. Text is truncated.
19 Mar 2008drilling progress report▼ Bad
This is ROC's release, not FAR's. It confirms Wei 6-12E-1A was plugged and abandoned on 14 March, and the joint venture will not drill Wei 12-2N-1 in the current program. The rest covers ROC's other wells.
19 Mar 2008drilling result▼ Bad
Schwing #2 (FAR 5% to 14,500 ft) has been logged. The 14,000 ft primary target gas sands are low quality, so the well will be completed in the 12,500 ft sands. Wei 6-12E-1A was abandoned and the Wei 12-2N-1 well dropped from the program.
11 Mar 2008drilling result▼ Bad
This is ROC's release, not FAR's. Wei 6-12E-1A reached 2,510 m, found only minor residual oil shows and will be abandoned. Development plans for Wei 6-12 and 6-12 South are said to be unaffected. The Wei 12-2N-1 well is under review.
11 Mar 2008drilling result▼ BadMajor
Wei 6-12E-1A (FAR 5%) reached 2,510 m with only minor residual oil shows and will be abandoned, the second China dry well of the program. Development plans for Wei 6-12 reportedly unaffected. Schwing #2 reached 14,386 ft, to be logged through casing.
11 Mar 2008drilling result▼ Bad
This is Petsec's release, not FAR's. It repeats that Wei 6-12E-1A reached 2,510 m, found only minor residual oil shows and will be abandoned. Development plans for the nearby fields are said to be unaffected; the next well is under review.
4 Mar 2008drilling progress report● Neutral
This is Petsec's release, not FAR's. Wei 6-12E-1A (FAR 5%) had drilled to 1,970 m on 4 March and is expected to reach about 2,520 m total depth by the end of the week.
27 Feb 2008drilling progress report● Neutral
This is Petsec's release, not FAR's. It repeats that Wei 6-12E-1A has cemented casing at 986 m, with total depth of about 2,520 m expected early March. FAR holds 5% through Oil Australia.
27 Feb 2008drilling progress report● Neutral
This is ROC's release, not FAR's. It reports Wei 6-12E-1A drilled to 986 m with casing cemented, before BOP testing. FAR holds 5%. The rest covers ROC's other wells.
27 Feb 2008drilling progress report● Neutral
Wei 6-12E-1A has cemented casing at 986 m. Schwing #2 (FAR 5% to 14,500 ft) is at 13,912 ft, changing the bit, with shows still to be logged at total depth.
20 Feb 2008drilling progress report▼ Bad
This is ROC's release, not FAR's. It reports Wei 6-12E was re-spudded as 6-12E-1A after stuck pipe, with total depth now expected early March. FAR holds 5%. The rest covers ROC's other wells.
20 Feb 2008drilling progress report▼ Bad
Wei 6-12E was re-spudded as 6-12E-1A after stuck drill pipe, delaying total depth to early March. Schwing #2 (FAR 5% to 14,500 ft) is drilling ahead at 13,085 ft.
13 Feb 2008drilling spud● Neutral
Wei 6-12E-1, the second well in the China program (FAR 5%), began drilling on 12 February, 1.7 km east of the Wei 6-12S-1 discovery. Target depth is about 2,520 m by end February.
13 Feb 2008drilling progress report● Neutral
This is ROC's release, not FAR's. It reports Wei 6-12E-1 started drilling on 12 February, targeting about 2,520 m by end February. FAR holds 5%. The rest covers ROC's other wells.
5 Feb 2008drilling progress report● Neutral
Schwing #2 is at 12,532 ft with a 5,100-unit gas show to be logged. At Kicker, FAR lifts its interest to 10% for an uphole Alliance 2 completion, before a possible sidetrack to the Alliance 3 oil pay.
29 Jan 2008drilling result▼ BadMajor
Wei 6-12W-1 (FAR 5%) found no hydrocarbons at 2,333 m and was plugged and abandoned. Wei 6-12E-1 is next. Schwing #2 logs show the Upper Bol Mex sand wet, leaving only the Marg Tex pay so far.
29 Jan 2008quarterly activities report● Neutral
December quarter report: Senegal 3D processed, NE Waller and Wild River prospects generated, and the China program began. US oil and gas sales were $633,432. Kicker's 900 ft sidetrack is replaced by an uphole completion proposal.
29 Jan 2008drilling result▼ Bad
This is Petsec's release, not FAR's. It repeats that Wei 6-12W-1 found no commercial hydrocarbons and was abandoned. Wei 6-12E-1 is next, and the third well appraises the 1993 12-2-1 oil discovery. FAR holds 5%.
25 Jan 2008resource reserve update▲ GoodMajor
Processing of the 2,086 sq km Senegal 3D (FAR 30%) is complete, showing stacked Santonian fan amplitude anomalies and a large shelf-edge closure up to 178 sq km. No volumes are estimated yet. Partner marketing is planned for February.
