Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2007drilling scheduled● Neutral
The seismic vessel for FAR's Senegal 3D (2,050 km2, FAR 30%) is due to start in the second week of February 2007, after Edison's survey. FAR says it plans to keep its equity level despite expressions of interest from industry.
29 Dec 2006drilling result▼ Bad
The Parker Replacement Well No. 1 in Texas reached 8,463 ft; only 5 ft of oil-cut mud on test, not commercial, so plugged and abandoned. FAR was free carried. Kakwa stays shut in and will drop out of weekly reports until production begins.
13 Dec 2006drilling progress report● Neutral
Trio Parker Replacement Well No. 1 (Texas, FAR free carried) is drilling at 7,570 ft toward 8,500 ft. Kakwa remains shut in to build pressure after the Charlie Lake frac. No new results.
5 Dec 2006drilling result▲ GoodMajor
Lake Long SL 328 #2 reached 11,480 ft with 97 ft of net pay over three zones, including 81 ft in the T Sand, and is being cased. With #1's 25 ft, FAR's final interest depends on unit formation (small, 0.226875% if 50%).
1 Dec 2006drilling result▼ BadMajor
West Andrew's Lucy B. Thomas #1 (FAR 10%) is to be plugged and abandoned: the upper sand tested gas and water, the lower was low permeability, and the fault trap apparently did not seal. This is a dry hole against 20 BCF potential.
29 Nov 2006drilling progress report● Neutral
West Andrew reached its planned 14,000 ft, with gas shows in the primary Camerina objective to be logged. Lake Long SL 328 #1 is cased for production; Kakwa's Charlie Lake frac is done and the well is unloading gas and fluid.
22 Nov 2006drilling progress report● Neutral
West Andrew is at 13,186 ft, with shows in the intermediate section likely stray sands of limited commercial significance. Lake Long's second well SL 328 #2 has spudded, as the deeper Krumbhaar faulted out in #1. Kakwa Charlie Lake frac has started.
14 Nov 2006drilling progress report● Neutral
West Andrew's Lucy B. Thomas #1 (FAR 10%) is at 11,959 ft with further gas shows above the main target, to be logged at total depth. Lake Long SL 328 #1 confirmed 25 ft of J Sand pay; Parker rig due in three weeks; Kakwa frac expected within a week.
14 Nov 2006farm in farm out completion● Neutral
ARC Energy said it will lift its Point Torment interest from 8% to 32.95% and become operator, with Stokes Bay-1 first in its April/May 2007 dry-season program. The attached Empire release shows FAR's 8% interest unchanged.
14 Nov 2006farm in farm out completion● Neutral
Empire Oil & Gas, an EP 104 partner, announces the same completed farm-out: ARC takes over as operator, with Phoenix and Emerald joining. FAR's 8% is unchanged in the table. Duplicates the Pancontinental release.
13 Nov 2006farm in farm out completion● Neutral
Pancontinental, a partner in Canning Basin permit EP 104, says farm-outs are complete. ARC Energy becomes operator, lifting to 32.95%, and Phoenix and Emerald join. FAR stays at 8% and Stokes Bay-1 is to be drilled first in the 2007 dry season.
8 Nov 2006drilling progress report● Neutral
West Andrew well is at 11,815 ft with a gas show on mudlogs at 11,675-11,710 ft, above the main target and to be logged later. Lake Long SL 328 #1 reached 13,307 ft; Kakwa oil-based frac is planned for the Charlie Lake interval.
3 Nov 2006drilling progress report● Neutral
Intermediate casing has been run to 11,515 ft in West Andrew's Lucy B. Thomas #1 (FAR 10%), with drilling to resume toward 14,000 ft. No new result.
31 Oct 2006quarterly activities report● Neutral
September quarter report: Senegal 3D grows by 50 km2 to 2,050 km2 with shared vessel costs, starting around 22 January 2007. Block 22/12 renewed two years. Quarter oil and gas sales $736,417; Welder Ranch discovery and Galveston Bay abandonment reported.
26 Oct 2006drilling scheduled● Neutral
FAR's 2006/7 estimated drilling program lists wells across the US, Canada, China and Australia, including South Grosse Tete, Lake Long SL 328 #9, West Andrew, NE Waller, Kakwa, Clear Hills and WA-254-P. The text gives no timing detail.
26 Oct 2006quarterly activities report● Neutral
September quarter cash flow report: cash fell to A$17.405m from A$20.118m, with net operating and investing outflow of A$2.695m. Next-quarter outflows are estimated at A$4.59m. Shares on issue unchanged at 413,688,031.
25 Oct 2006drilling progress report▲ Good
Welder Ranch A2 began sales on 23 October at 2.4 million cubic feet of gas and 40 barrels of oil a day; FAR's interest in the unit is 0.392608%. West Andrew is at 10,453 ft. NE Waller 3D (FAR 34%, operator AYCO) now has 8,150 net acres leased.
18 Oct 2006joint venture update▼ Bad
Partner Sun Resources repeats that fishing at Eagle North-1 is abandoned and the well will be suspended for a later re-entry and sidetrack of the 177m lower Gatchell sand. FAR holds 15%. Sun says a new operator and partner will be sought.
18 Oct 2006drilling result▼ BadMajor
Operator says fishing for the stuck guns at Eagle North-1 is abandoned as not cost effective. Partners (FAR 15%) will instead plan a future re-entry and sidetrack, timing dependent on rig availability. This ends the current test attempt without a result.
18 Oct 2006drilling progress report● Neutral
West Andrew's Lucy B. Thomas #1 is drilling ahead at 7,877 ft toward 14,000 ft (FAR 10%). Welder Ranch A2 is unloading fluid and oil after fracturing the 10,300 ft zone, with production due shortly. Eagle fishing abandonment is repeated.
10 Oct 2006drilling progress report● Neutral
Lucy B. Thomas #1 at West Andrew is at 3,551 ft running surface casing, still heading to 14,000 ft. No new result. FAR holds 10%.
4 Oct 2006drilling spud● NeutralMajor
West Andrew's Lucy B. Thomas #1 well spudded on 2 October and is at 580 ft, heading to 14,000 ft in about 53 days. FAR holds 10% (7.5% after casing point); potential is 20 BCF gas and 200,000 bbl oil.
28 Sept 2006drilling result● Neutral
Welder Ranch A2 (Chesapeake farm-out) reached 13,200 ft with no pay in the primary target, though a secondary zone at 10,300 ft appears gas productive and is set for later completion. FAR would hold 2.25% of a completed well. West Andrew spud expected early next week; Kakwa testing under way.
19 Sept 2006drilling progress report● Neutral
Sun Resources (10% partner) relays the Eagle North-1 workover restart: guns apparently did not fire, a further delay is expected while the cause is found. Duplicates operator news; FAR holds 15%.
19 Sept 2006drilling progress report● Neutral
FAR activity update: Eagle workover rig on site; Welder Ranch A2 (Chesapeake farm-out) drilling at 11,300 ft; West Andrew rig being assembled; Lake Long SL 328 #2 deep test (13,555 ft, US$11.5m turnkey) must spud within 90 days. Mostly relays known items.
19 Sept 2006drilling progress report● Neutral
Operator Victoria Petroleum says a workover rig arrived at Eagle North-1 (FAR 15%). The first test failed as the perforating guns appear not to have fired. About 14 days of work are planned before retesting 72m of oil pay behind casing.
6 Sept 2006drilling scheduled▲ Good
A rig has been secured for the West Andrew Prospect's Lucy B. Thomas #1 well (FAR 10%, 7.5% after casing point) and is expected on location next week. Planned 14,000 ft, about 53 days; potential 20 BCF gas and 200,000 bbl oil.
1 Sept 2006half year report▼ Bad
Half-year to 30 June 2006: loss of $1,361,065 versus a $205,193 profit a year earlier. Sales revenue rose 34.6% to $1,813,250, and exploration write-offs were $811,664. Mostly restates known operations; capital raising was $12.35m before costs.
18 Aug 2006drilling result▼ BadMajor
ST135S #1 reached 9,900 ft and is a dry hole: no resistivity in key beds, with two small non-commercial blips. The well will be plugged and abandoned. FAR (12.5%) will study why it failed; the Chairman called the result 'puzzling'.
10 Aug 2006drilling progress report● Neutral
ST135S #1 at Galveston Bay is drilling ahead at 5,037 ft after setting surface casing at 1,500 ft; target depth 9,900 ft. No new result yet.
