Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 May 2006drilling result▲ GoodMajor
ROC's logs show three oil/gas columns at Wei-6-12S-1 with 95m net hydrocarbon pay, including 80.5m net oil, slightly below the earlier ~100m estimate. Two columns may extend beyond mapped closure, so the field could be bigger. Appraisal with at least two tests and a sidetrack is planned. FAR holds 5%.
17 May 2006drilling result▲ Good
Petsec (25% partner) repeats ROC's interim results: 95m net hydrocarbon pay including 80.5m oil at Wei-6-12S-1, with appraisal to follow. Rig was de-manned for Typhoon Chanchu. Duplicates the operator's news. FAR holds 5%.
16 May 2006drilling progress report● Neutral
Operator Victoria Petroleum says production testing continues over the 177m interval of Eagle North-1 horizontal. Results will be released when testing finishes. Up to 1,000 bopd is still anticipated if successful. FAR holds 15%. No result yet.
16 May 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is being production tested over 177m after perforating the cased section. Testing is slow because no coiled tubing unit or nitrogen is available. Result to follow; no result yet. FAR holds 15%.
10 May 2006drilling result▲ Good
Horizon (30% partner) repeats ROC's report of a potentially significant oil discovery at Wei-6-12S-1, with about 100m net oil pay. Duplicates the operator's news; no new information. FAR holds 5%.
10 May 2006drilling result▲ Good
Petsec (25% partner) repeats ROC's report of about 100m net oil pay at Wei-6-12S-1 and a potentially significant discovery. Duplicates the operator's news; no new information. FAR holds 5%.
10 May 2006drilling result▲ Good
FAR relays ROC's report of a potentially significant oil discovery at Wei-6-12S-1 (FAR 5%), with about 100m net oil pay. CNOOC may take up to 51% of any development, diluting partners pro rata. Kakwa is at 3,847m, nearing the liner point, with Wabamun results likely within two weeks.
10 May 2006drilling result▲ GoodMajor
ROC says early logs show Wei-6-12S-1 is a potentially significant oil discovery, with about 100m of net oil pay, above the pre-drill expectation. The joint venture is weighing immediate appraisal. This turns the earlier oil shows into a discovery; FAR holds 5%.
8 May 2006capital raising announcement▲ GoodMajor
FAR agreed with Hartleys to raise $12.4m via a placement of 95,000,000 shares, about 13c each (inferred from the figures). Subject to shareholder approval at a 9 June meeting. With $13.5m cash, FAR says it is fully funded for its program.
What it means for a shareholder
95.0m new shares at about A$0.1305 to raise about A$12.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
8 May 2006drilling progress report● Neutral
Wei-6-12S-1 reached total depth of 2,535m, having drilled about 528m of sand-shale-silt with oil and wet gas shows. Logs are being run, and commercial significance is not yet known. FAR holds 5%.
8 May 2006drilling progress report● Neutral
Operator confirms Eagle North-1 drilling stopped at 4,386m due to running sands, short of the planned 4,600m. Production testing of 177m of oil sand will take four to seven days. Up to 1,000 bopd is still anticipated. FAR holds 15%.
8 May 2006drilling progress report● Neutral
Eagle North-1 horizontal stopped at 4,386m because of running sands. A 177m interval will now be production tested, expected over about four days. Success is still seen as a 4-6 fold improvement on the 1986 well. FAR holds 15%.
5 May 2006drilling result▲ Good
Horizon Oil (30% partner) repeats ROC's report: strong oil shows at 1,956m in Wei-6-12S-1 and the well likely to be classed a discovery. Commercial significance awaits logs. FAR holds 5%. Duplicates the operator's news.
5 May 2006drilling result▲ GoodMajor
ROC reports strong oil shows in a 3-5m sand at 1,956m in Wei-6-12S-1, plus a gas-rich interval at 1,985m. Its CEO says the well is likely to be classified a discovery, but size is unknown until logs. FAR holds 5%.
3 May 2006drilling progress report● Neutral
ROC says Wei-6-12-S-1 had drilled to 1,680m by 3 May and expects the first reservoir target by early next week. FAR holds 5% through a subsidiary. A routine update with no result.
1 May 2006drilling progress report● Neutral
Kakwa 6-18-63-4 (FAR 15%) is drilling below 3,460m toward 3,950m, about 70 days in total, with 5 Cretaceous zones likely productive. Eagle North-1 is drilling at 14,295 feet. The China well has reached 1,208m casing point. No new results.
27 Apr 2006drilling progress report● Neutral
Operator Victoria Petroleum reports 11m of good oil shows in the Eagle North-1 horizontal to 4,308m, with oil inflow on a flow check. About 7 more days to drill the lateral. Up to 1,000 bopd is still anticipated. FAR holds 15%.
27 Apr 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 horizontal was restarted from the casing point after survey problems. About 6m of good oil shows are seen at 4,303m, and mud weight is being raised to control oil inflow. FAR holds 15%.
27 Apr 2006drilling progress report● Neutral
Lakes Oil repeats the operator's Eagle North-1 report: good oil shows to 4,308m and oil inflow on a flow check. Duplicates the operator's news; no new result. FAR holds 15%.
26 Apr 2006drilling spud● Neutral
Operator ROC says the Wei-6-12-S-1 well on Block 22/12 started drilling on 25 April and is expected to take about 21 days to 2,530m. FAR holds 5% through a subsidiary. This is the spud flagged earlier. Other items are not FAR wells.
20 Apr 2006drilling scheduled● Neutral
Petsec says Wei 6-12-S-1 on Block 22/12 spuds next week, about 21 days, testing 10-20 million barrels. FAR holds 5%. CNOOC can back in for 51% of any development. Repeats the operator's news.
19 Apr 2006drilling progress report● Neutral
ROC (operator) says the Wei-6-12-S-1 well on Block 22/12, offshore China, is due to spud next week, about 21 days to drill. FAR holds 5% through a subsidiary. Other items cover wells in which FAR has no interest.
19 Apr 2006drilling progress report▲ Good
Kakwa (FAR 15%) logging at 3,096m shows good gas in the Cretaceous, with 5 zones likely productive, before drilling on to 3,950m for the main Wabamun target. Lake Long #8 completion is about to start; a deep Hollywood test is priced for later in 2006.
18 Apr 2006drilling progress report● Neutral
Operator reports the 4.5-inch liner set at 4,281m in Eagle North-1 after oil shows from 4,255m. It is preparing to drill the 320m lateral, about 7 days, with up to 1,000 bopd anticipated if successful. Largely duplicates earlier reports; FAR holds 15%.
18 Apr 2006drilling progress report▲ Good
Operator reports good oil shows in the Eagle North-1 horizontal's target Gatchell sand from 4,255m, drilling at 4,272m. A liner is to be set before a 320m lateral, about 7 days. This is the first oil sign since the vertical test failed. FAR holds 15%.
18 Apr 2006drilling progress report▲ Good
Sun Resources says the Eagle North-1 horizontal has landed in the lower Gatchell sands at 4,255m, with about 30m of good oil shows so far. The 320m lateral and drill stem test follow. FAR holds 15%.
11 Apr 2006asset acquisition disposition▲ GoodMajor
FAR won a bid of US$169,500 for 320 acres at Galveston Bay State Tract 135, offshore Gulf of Mexico, next to the Smith Point Field. FAR takes 12.5% in a multi-Frio-sand prospect; the first well may be drilled April–July 2006. It is FAR's first direct bid on offshore acreage.
31 Mar 2006drilling progress report● Neutral
Operator Victoria Petroleum confirms the revised Eagle North-1 plan: a new horizontal from 4,028m with a safer medium-radius curve, a 4.5-inch liner, then a 320m lateral, about 15 days. It still anticipates up to 1,000 bopd if successful. FAR holds 15%.
31 Mar 2006drilling progress report● Neutral
Sun Resources says the Eagle North-1 horizontal was restarted from a new window at 4,028m after the earlier mechanical problems and hole deterioration. Plan is a conservative curve to land in the Gatchell sands, then a 320m lateral. FAR holds 15%.
30 Mar 2006annual report▲ Good
FAR's 2005 annual report shows oil and gas sales of $3,518,683, up from $2,465,719 in 2004, which it attributes to higher prices with production relatively constant. The Chairman cites the roughly $8m options conversion, the Houston office and a 2006 drilling program.
