Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 July 2007drilling progress report● Neutral
This is Sun Resources' announcement, not FAR's. Lake Long #9 drilled through the Lower Hollywood with gas shows to a revised total depth of 13,284 ft; electric logs are next. Upper and Middle pay (13 ft, 29 ft) is confirmed behind casing.
28 June 2007drilling result▲ GoodMajor
Electric logs at Lake Long #9 (FAR 10.1875%) confirm gas pay: 13 ft net in the Upper and 29 ft net in the Middle Hollywood, now behind casing for later production. Drilling continues to the Lower Hollywood. Canning Basin Stokes Bay and Valentine wells are due about late July.
21 June 2007capital raising announcement▲ GoodMajor
FAR confirmed it allotted 62 million shares, raising A$8.68m before costs, completing the placement announced 7 June (at 14c per that announcement). Shares on issue rise to 483,553,344. Funds go to Senegal 3D interpretation, China, Canning Basin, Gulf Coast and NE Waller.
What it means for a shareholder
62.0m new shares at about A$0.140 to raise about A$8.7m. That's 89% dilution: every existing holder's slice gets 89% smaller. If you held A$1,000 of shares (7,143 at the issue price), your slice goes from 0.0952% to 0.0103% of the company. To keep it you'd need 59,048 more shares - about A$8,267 at the issue price.
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19 June 2007drilling progress report● Neutral
This is Sun Resources' announcement, not FAR's. It reports gas shows in Upper and Middle Hollywood sands at Lake Long #9 (drilling at 12,308 ft), with 26 ft apparent net pay in the Middle. Significance unknown until electric logs. Also covers Sun's Texas wells, not FAR's.
19 June 2007drilling progress report▲ Good
Lake Long #9 (FAR 10.1875%) hit gas shows in the Upper and Middle Hollywood targets, with about 26 ft apparent net pay in the Middle, and is drilling toward the Lower Hollywood. Chairman is optimistic, but significance awaits electric logs.
13 June 2007drilling progress report● Neutral
Lake Long SL 328 #9 (FAR 10.1875%) is at 11,567 ft; shallower shows are likely depleted, with main Hollywood targets below 11,800 ft. New Lindsey 109A #1R re-drill (FAR 4.64%, US$1.5m) planned July; NE Waller 3D (FAR 34%) surveying begins, 16,856 acres leased. Kicker awaits operator advice.
7 June 2007capital raising announcement▲ GoodMajor
FAR will raise A$8.68m by placing 62 million shares at 14 cents, mainly to institutions and Hartleys clients, with allotment about 20 June. Funds back Senegal 3D interpretation, a 4-6 well China program from November, two Canning Basin wells from late July, Gulf Coast drilling and the NE Waller 3D.
What it means for a shareholder
62.0m new shares at A$0.140 to raise about A$8.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 June 2007flow test result▲ GoodMajor
Kicker's Marceaux #1 (FAR 5%, 3.75% after payout) tested up to 1,056 barrels of oil a day, confirming an oil discovery; fracture stimulation planned 11 June. Chairman urges caution until sustained production. Lake Long #9 is at 10,926 ft with residual shows; main targets are below 11,800 ft.
29 May 2007well test result▲ GoodMajor
Bujnoch-Bender #1 (FAR 20%) tested 170 barrels of oil and 388 mcf gas a day from the Middle Wilcox at 7,834 ft and goes to sales. Kicker's Marceaux #1 (FAR 5%) testing begins this week. Lake Long #9 is drilling at 9,020 ft.
28 May 2007investor presentation● Neutral
AGM presentation largely repeats the earlier investor deck. It lists a 15-well 2007 program (Australia 3, North America 10, China 4) and Canning Basin spuds of Stokes Bay and Valentine in July 2007. Text truncated; no new results.
23 May 2007investor presentation● Neutral
Upstream Energy 2007 presentation repeats known projects and calls Senegal the best prospect, with more than one billion barrels of potential. It cites cash of A$12.4m at 31 March and 413.8m shares. The text is truncated.
16 May 2007drilling progress report● Neutral
This is Sun Resources' announcement, not FAR's. The Lake Long SL 328 #9 well is drilling at 3,224 ft toward a first casing point at 3,500 ft. No new results; weekly updates continue until target zones are reached.
15 May 2007drilling spud▲ GoodMajor
Lake Long SL 328 #9 (FAR 10.1875%) spudded 12 May and is drilling at 2,100 ft, with about 48 days planned to 13,555 ft. Senegal 3D acquisition ended 28 March (2,089 km2, about US$12.1m); data quality is excellent, with interpretation due to start in Q4 2007.
9 May 2007asset acquisition disposition▲ GoodMajor
A rig is being mobilised for the Lake Long SL 328 #9 deep well (FAR 10.1875%), a 13,555 ft test targeting 21.7 BCF plus 760,000 barrels, costing about US$10m if completed. FAR also farmed out the Thunder River Prospect to Mustang for a 3% override convertible to 25% working interest after payout; Mustang must drill by 1 October 2007.
9 May 2007drilling scheduled● Neutral
This is Sun Resources' announcement, not FAR's. It says the barge rig moves onto the SL 328 #9 Hollywood well this week, with spud expected Friday. It repeats the 21.7 BCF and 760,000 barrel target and FAR's 10.1875% interest.
26 Apr 2007other● Neutral
This is Amadeus Energy's announcement of its 21.90625% in the Lake Long #9 Hollywood Prospect. It repeats the earlier Sun release, again listing FAR at 10.1875% (it calls the company 'First Australian Resources NL'). Drilling is slated for mid May 2007.
26 Apr 2007other● Neutral
This is Sun Resources' announcement, not FAR's. It confirms FAR's 10.1875% in the Lake Long #9 Hollywood Prospect test (Kriti operator), targeting 21 BCF and 760,000 barrels of condensate, drilling mid May 2007. FAR's own cost share is not stated.
17 Apr 2007drilling result▲ GoodMajor
Kicker's Marceaux #1 reached 13,264 ft and found 33 ft of net pay in the Alliance 2 and 3 Sands, so production casing is being run (FAR 5%, 3.75% after payout). Bujnoch-Bender #1 is also cased for production, with Rainosek 3 at 50 barrels a day.
11 Apr 2007drilling result▲ GoodMajor
Bujnoch-Bender #1 (FAR 20%) reached 9,000 ft with about 60 ft of net pay, mostly gas, in thin Upper and Middle Wilcox zones; the Lower Wilcox is wet. Kicker's Marceaux #1 recorded gas shows in a primary objective, to be logged at total depth.
4 Apr 2007drilling progress report● Neutral
Bujnoch-Bender #1 (FAR 20%) is drilling at 4,448 ft after spudding 31 March. Kicker's Marceaux #1 has run intermediate casing at 12,024 ft before drilling to the target sands. No new results.
28 Mar 2007annual report● Neutral
The 2006 annual report restates known items: Wei 6-12 at 19 MMBO most likely (27 upside), Senegal 3D under way, and about $12m raised from institutions. Oil and gas sales were $2,999,975, down from $3,518,683 in 2005 on lower production and gas prices. The text is truncated.
27 Mar 2007drilling scheduled● Neutral
A rig is secured for the Bujnoch-Bender #1 development well at Rainosek, Texas (FAR 20%), to spud about 31 March to 9,100 ft over 16 days. Kicker's Marceaux #1 is at 11,525 ft nearing intermediate casing.
22 Mar 2007drilling progress report● Neutral
Kicker's Marceaux #1 is at 10,820 ft. In Alberta, shot hole drilling is done for the Wild River 3D survey (FAR about 36%), with processed data now expected by mid April rather than end of Q2.
20 Mar 2007drilling progress report▲ Good
The Senegal 3D survey (2,050 km2, FAR 30%) should finish ahead of schedule on 25 March, with data quality described as good to excellent. Petrobras has bought 40% of the adjacent Rufisque Profond block from Edison, which FAR cites as a gauge of regional interest.
13 Mar 2007drilling progress report● Neutral
Kicker's Marceaux #1 (FAR 5%) is drilling ahead at 7,654 ft toward 13,200 ft. No new results.
8 Mar 2007drilling progress report● Neutral
Kicker's Marceaux #1 (FAR 5%) has run casing to 4,015 ft before drilling ahead toward 13,200 ft. No new results.
8 Mar 2007material agreement▲ GoodMajor
FAR and a Canadian partner will shoot a 3D seismic survey in the Alberta Deep Basin from about 15 March, with FAR expected to hold around 36%. FAR also took an option for 15% of a 4,000 m Wabamun test (50 BCF plus) at Karr, exercisable once an operator is appointed.
1 Mar 2007drilling progress report▲ Good
Kicker's Marceaux #1 spudded 28 Feb and is at 395 ft. Clear Prairie 3-8-90-12 (FAR 15%) was drilled to 1,245 m; logs confirm hydrocarbon pay and production casing is run, an early positive for the Canadian program.
21 Feb 2007drilling progress report● Neutral
Rig 172 is on location to spud the Kicker well (FAR 5%) within days, and the Clear Prairie 3-8-90-12 well (FAR 15%) began drilling 19 Feb and is at surface casing. Both continue previously announced plans; no results yet.
15 Feb 2007drilling progress report▲ Good
The MV Symphony has started the Senegal 3D survey, now 2,050 km2 after sharing costs with Edison added 50 km2 to include prospect C1. FAR (30%, Hunt operator) says it plans to keep its equity despite industry interest.
