Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2022half year report● Neutral
Half-year to 30 June 2022 loss was US$2.58M (prior period US$7.1M), including US$105k restructuring costs. It confirms terms agreed for the Gambia extension period and that PETRONAS assigned its 50% licence interest to FAR after period end.
2 Sept 2022other▲ Good
FAR expects the full US$55M Woodside contingent payment, after Woodside said Sangomar development was 63% complete at 30 June 2022 with first oil in 2H 2023. Annual payments are expected from 2024; the board may consider monetising it nearer production.
30 Aug 2022other● Neutral
FAR lodged a revised Securities Trading Policy under the listing rules. It is a compliance document with no new business information.
26 Aug 2022farm in farm out completion▲ GoodMajor
FAR bought PETRONAS's 50% of Gambia Blocks A2 and A5, taking it to 100%, and the government removed the obligation to drill a well in the next two-year term from 1 Oct 2022. FAR opened a data room seeking partners to fund work; new Bambo-1 lab results favour Panthera.
28 July 2022quarterly activities report● Neutral
June quarter: cash US$37.7M, and FAR has withdrawn from WA-458-P. Talks continue with The Gambia on terms for a two-year extension. An unmarketable-parcel buy-back took back 900,611 shares at A$0.786 for about US$485,000.
11 July 2022director officer appointment● Neutral
Claire Newstead-Sinclair of Vistra replaces Elisha Larkin as Company Secretary from 11 July 2022. FAR says the move supports its drive to cut fixed corporate overhead costs.
31 May 2022investor presentation● Neutral
AGM presentation repeats known points: the Woodside payment of up to US$55M is likely to be received in full, with annual payments anticipated from 2024. FAR is in talks with its partner and government, and future Gambia drilling is to be funded by new investors.
28 Apr 2022quarterly activities report● Neutral
March quarter: cash was US$39.9M, cost savings are ongoing, and post-well analysis suggests Bambo-1 may have hit the edge of two oil columns, making Panthera the top-ranked Gambia prospect. FAR is seeking a transaction partner for the Gambia.
7 Apr 2022director officer appointment● Neutral
CFO Victoria McLellan has resigned, finishing end of April. Garth Campbell-Cowan, formerly of St Barbara, is appointed CFO on a contract for the transition, continuing the leadership turnover after the managing director's exit.
5 Apr 2022agm notice● Neutral
FAR will hold its 2022 AGM on 31 May 2022, with director nominations closing 12 April. Administrative notice only.
30 Mar 2022other● Neutral
FAR released its Corporate Governance Statement and Appendix 4G for 2021. This is a compliance document with no new business information.
30 Mar 2022annual report● Neutral
The 2021 annual report shows uncommitted cash of US$33.4M at year-end and 2022 expected cash outflows of US$6.8M. The board values a FAR share at no less than A$1.00, and repeats the Gambia farm-out/demerger strategy.
29 Mar 2022other● NeutralMajor
The board will keep the up-to-US$55M Woodside contingent payment inside FAR rather than demerge it, resolving the Meridian proposal. It now seeks a Gambia farm-out with a well carry or outright sale, with a demerger of those assets as fallback.
24 Mar 2022director officer appointment● NeutralMajor
Managing Director Catherine Norman was given termination notice and resigned as a director. Chairman Patrick O'Connor will oversee the business during a transition, with the board promising a strategy update to reflect asset value in the share price.
18 Mar 2022director officer appointment● Neutral
Dr Alan Stein, a founder of Ophir Energy, joins as non-executive director. Existing non-executives accept lower fees from 1 April (A$110,000; chair A$145,000), so total director fees do not rise.
15 Mar 2022business combination● NeutralMajor
The Samuel Terry 45c takeover offer closed with its conditions unsatisfied or waived, so acceptances will not be processed. This ends the bid FAR's directors had recommended rejecting.
15 Mar 2022asset acquisition disposition● NeutralMajor
FAR has begun withdrawing from its Guinea Bissau blocks after farm-down efforts with operator PetroNor failed. It expects no new material costs, impaired US$2.7M in 2021, and a contingent liability of up to US$13M no longer applies.
4 Mar 2022business combination● Neutral
Samuel Terry notified that its minimum acceptance condition is unfulfilled and it holds about 4.9%, the same as before the bid. The offer is due to end 14 March 2022.
23 Feb 2022business combination● Neutral
FAR's Target's Statement says directors unanimously recommend rejecting Samuel Terry's 45c offer as inadequate, opportunistic and conditional. This formalises the earlier 'take no action' stance and the pending Target's Statement.
21 Feb 2022resource reserve update▲ GoodMajor
After reviewing the Bambo wells, FAR high-graded three Gambia prospects (Panthera, Jatto, Malo); the four mapped prospects total 1,594 MMbbl best-estimate unrisked (100% basis). FAR will seek a farm-down for a well carry in late 2023 and cut its 2022 budget about 40% to US$5.7M.
14 Feb 2022business combination● Neutral
Samuel Terry's lawyers notified ASX that the Bidder's Statement and offer dated 14 February 2022 were sent to shareholders. This is an administrative notice with no new terms.
10 Feb 2022business combination● Neutral
FAR's chairman wrote to shareholders recommending they take no action on the 45c Samuel Terry offer, which he says is well below the current market price. RFC Ambrian and Baker McKenzie advise. A formal Target's Statement will follow, and the contingent payment rights distribution is still being investigated.
4 Feb 2022business combination▲ GoodMajor
Meridian, a 19.28% holder, rejected the Samuel Terry 45c bid as opportunistic and wholly inadequate, subject to conditions and ending 14 March 2022. It suggests a pro-rata distribution of rights to the up-to-US$55M Woodside contingent payment. FAR is investigating whether that is feasible.
31 Jan 2022business combination● Neutral
FAR says shareholders need take no action on the Samuel Terry 45c offer, which closes mid-March at the earliest. FAR says the bid recognises its shares are undervalued given cash and the potential US$55M Woodside contingent payment. Baker McKenzie are legal advisers; a recommendation will follow.
31 Jan 2022business combination● Neutral
Samuel Terry lodged its formal Bidder's Statement for the A$0.45 per share cash offer for FAR. The visible text is the cover, contents and disclaimers, so no new terms can be stated beyond the earlier announcement.
31 Jan 2022business combination● NeutralMajor
Samuel Terry Asset Management, holding about 4.9%, announced an off-market takeover bid at A$0.45 cash per share, a 23.3% premium to the A$0.365 close. It needs 50.1% acceptance and is conditional. The offer is expected to open 14 February and close 14 March.
19 Jan 2022quarterly activities report● Neutral
December quarter: Bambo drilling completed with no moveable oil, though oil shows have FAR encouraged. Cash was US$55.6M, with US$15.3M of drilling costs still unpaid. FAR will announce a revised Gambia exploration plan in coming months. Woodside payments of up to US$55M apply only if oil is above US$58 per barrel.
23 Dec 2021drilling result▼ BadMajor
Bambo-1 and its side-track (3,317m) found oil shows but no live oil columns and no moveable oil, in poor-quality reservoirs with possibly breached traps. FAR says the shows indicate nearby potential. The well is being plugged and abandoned, within the amended budget.
6 Dec 2021drilling progress report▼ BadMajor
Bambo-1 reached 3,216m with oil indications in cuttings and logs, but fluid losses halted drilling. FAR will plug and side-track, raising well cost from US$51.4M to US$61.27M (US$4.9M extra net to FAR). Forecast post-well cash is US$37M, with completion expected by end of December.
15 Nov 2021drilling spud● NeutralMajor
Bambo-1 has been spudded offshore The Gambia by the Stena IceMax, in 930m of water, targeting about 3,400m depth over roughly 30 days. It tests 1,118 MMbbl of unrisked prospective resource (559 net to FAR), with chance of success 7% to 36% per horizon.
