Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 May 2007agm notice● Neutral
All six AGM resolutions passed, including Grigor's re-election and the option grants to Evans (5.0m), Grigor (1.5m) and Cavness (1.0m). This resolves the 26 April notice. Proxy votes against the Evans and Grigor options were notable, with 8.6m abstaining on the Grigor options.
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.
27 Apr 2007quarterly activities report● Neutral
Appendix 5B: cash fell from A$13.365m to A$12.46m over the March quarter after a net outflow of A$896k. Expected spending next quarter is A$8.441m, almost all exploration. Shares on issue unchanged at 413,688,031.
27 Apr 2007quarterly activities report● Neutral
March quarter: the Senegal 3D survey (FAR 30%) finished, 2,089 sq km, data quality good to excellent. Kicker was an oil discovery, Rainosek 3 succeeded, Lake Long is drill-ready, and Wei 6-12 South is on track for a mid-year development plan. Cash fell to A$12.46m. Text truncated.
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 2007agm notice● Neutral
Notice of the 28 May 2007 AGM in Perth. Shareholders vote on the accounts, the remuneration report, Grigor's re-election, and 15-cent options expiring 31 July 2010: 5.0m for Evans, 1.5m for Grigor and 1.0m for Cavness.
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.
15 Feb 2007drilling scheduled▲ GoodMajor
FAR has acquired a 5% interest in the Kicker Prospect, Vermillion Parish, Louisiana (Sandalwood operator). A 13,200 ft well is expected to spud next week, targeting 22.8 BCF gas and 2.2 million barrels of condensate if both sands succeed; interest falls to 3.75% after payout.
15 Feb 2007drilling scheduled● Neutral
The Clear Prairie 3-8-90-12 gas well in the Clear Hills area (FAR 15%, Choice operator) is due to start within days, 1,245 m planned depth, about seven days' drilling. It is likely the only well this winter; the Notikewin is estimated at 5-11 BCF recoverable.
30 Jan 2007quarterly activities report● Neutral
December quarter report: Senegal 3D vessel on site, with start in second week of February. West Andrew and Hardeman wells abandoned; two Lake Long discoveries; Kakwa still testing. Duomonte is a likely Q4 2007 WA-254-P well; Stokes Bay-1 and Valentine-1 are planned. Quarterly US sales are given as $498,667.
30 Jan 2007resource reserve update▲ GoodMajor
Operator ROC's appraisal report estimates Wei 6-12 South and Wei 6-12 recoverable oil at 19 MMBO most likely, 27 MMBO upside. FEED is due late Q1 2007 and a final investment decision in 2H 2007, possibly giving first oil by 2009. FAR holds 5%.
30 Jan 2007quarterly activities report● Neutral
December quarter cash flow report: cash fell to A$13.365m from A$17.405m. Next-quarter outflows are estimated at A$3.451m. Shares on issue unchanged at 413,688,031.
