Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. Valentine-1 (FAR 8%) is drilling at 1,566 m, with the target about 3,222 m. Pancontinental says the well is on trajectory and close to its 25-day timeline.
16 Aug 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the Valentine-1 drilling report: 644 m, drilling ahead, no hydrocarbon indications. No new results.
16 Aug 2007drilling progress report● Neutral
Lindsey 109A #1R (FAR 4.64%) is drilling at 11,425 ft toward 12,300 ft. Valentine-1 (FAR 8%) is drilling at 644 m, with no hydrocarbon indications. No new results.
16 Aug 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. Valentine-1 (FAR 8%) is drilling ahead at 644 m, with 13 3/8 inch casing set at 112 m. No hydrocarbon indications.
16 Aug 2007drilling progress report● Neutral
This is Empire Oil & Gas's announcement, not FAR's. It repeats the operator's report of Valentine-1 drilling ahead at 644 m with no hydrocarbon indications. No new results.
16 Aug 2007drilling progress report● Neutral
This is ARC Energy's announcement, not FAR's. As operator it reports Valentine-1 drilling ahead at 644 m with no hydrocarbon indications. No new results.
13 Aug 2007drilling spud● Neutral
This is Pancontinental's announcement, not FAR's. It repeats that Valentine-1 spudded 12 August, with Stokes Bay-1 to be sidetracked afterwards. FAR's final interest is 8%. Same news as the FAR, ARC, Empire and Emerald releases.
13 Aug 2007drilling spud● NeutralMajor
This is Empire Oil & Gas's announcement, not FAR's. Valentine-1 in the Canning Basin spudded 12 August (FAR 8%), ARC operator. The well targets up to 200 million barrels, and Stokes Bay-1 will be sidetracked from it afterwards. This starts the July-programme wells FAR flagged.
13 Aug 2007drilling spud● Neutral
This is Emerald's announcement, not FAR's. It repeats that Valentine-1 spudded 12 August, with Stokes Bay-1 to follow by sidetrack. FAR holds 8% after the farm-in earning program. No new well results.
13 Aug 2007drilling spud● Neutral
This is ARC Energy's announcement, not FAR's. It repeats that Valentine-1 spudded on 12 August, with FAR holding 8% after farm-ins. Stokes Bay-1 will be drilled by sidetrack straight after. Same news as the Empire release.
13 Aug 2007drilling spud▲ GoodMajor
FAR confirms Valentine-1 in the Canning Basin spudded 12 August (FAR 8%), targeting the Virgin Hills Formation at about 3,222 m. Stokes Bay-1 follows by sidetrack. Empire cites up to 200 million barrels of oil, or up to 1,200 BCF of gas, if the structure is filled.
9 Aug 2007drilling progress report● Neutral
Lindsey 109A #1R (FAR 4.64%) is drilling ahead at 9,510 ft toward a planned 12,300 ft. No new results.
31 July 2007flow test result▲ Good
This is Sun Resources' announcement, not FAR's. Lake Long #9 flowed 2.364 mmcfd and 55 barrels of condensate a day, no water, on a restricted test. The operator expects 4 mmcfd and about 100 barrels, with sales from late August.
31 July 2007flow test result▲ GoodMajor
Lake Long #9 (FAR 10.1875%) flowed 2.36 mmcfd of gas and 55 barrels of condensate a day, no water, on a restricted test. The operator expects about 4 mmcfd and 100 barrels once a platform and flowlines are done in August. Lindsey well is at 6,815 ft.
25 July 2007drilling progress report● Neutral
This is Sun Resources' announcement, not FAR's. Lake Long #9 completion continues; a production platform is being built and the well is to be perforated and tested. It could be producing in 2-3 weeks. No new results.
25 July 2007drilling progress report● Neutral
Lindsey 109A #1R (FAR 4.64%) ran casing to 4,755 ft. Lake Long #9 is on track to be tested and producing in 2-3 weeks. Kicker Marceaux #1 needs a cement squeeze and re-perforation before fracture stimulation, contracted for 31 July.
19 July 2007drilling progress report● Neutral
Lindsey 109A #1R (FAR 4.64%) is drilling at 4,173 ft; the operator estimates 270,000 barrels recoverable. Lake Long #9 completion continues with a smaller rig due next week. No new results.
19 July 2007drilling progress report● Neutral
This is Sun Resources' announcement, not FAR's. Lake Long #9 completion continues: production tubing is being run, and a smaller workover rig will clean up, perforate and test the Middle Hollywood pay. Expected rate remains 3-4 mmcfd. No new results.
11 July 2007drilling progress report● Neutral
Lindsey 109A #1R (FAR 4.64%) spudded 5 July, drilling at 2,348 ft. Lake Long #9 is being completed on 24 ft of Middle Hollywood pay; the Lower Hollywood looks water-wet. Kicker's Marceaux #1 completion work has begun, with fracture stimulation and flow back testing to follow.
11 July 2007drilling progress report● Neutral
This is Sun Resources' announcement, not FAR's. Lake Long #9 is being completed on 24 ft of Middle Hollywood pay; the Lower Hollywood appears water-wet on logs and is plugged off. Expected rate is 3-4 mmcfd plus condensate, with sales after flow testing.
5 July 2007drilling progress report● Neutral
Lake Long #9 (FAR 10.1875%) drilled through the Lower Hollywood sands with gas shows and is being conditioned for electric logs. Its significance is unknown until logged. Total depth is given as 13,284 ft; Upper and Middle pay is already confirmed.
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.
