Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Mar 2006investor presentation● Neutral
FAR's Downunder Conference presentation restated its known projects: an 18-well 2006 program, Senegal, Canada, Gulf Coast 3D and China. It showed cash of $13.8m (dated 15 March 2005, later corrected to 2006), 318.6m shares and 7.7m convertible notes.
30 Mar 2006drilling progress report● Neutral
Kakwa (FAR 15%) is drilling below 2,045m toward 3,950m. At Clear Hills, Sweeney 102 reached 1,200m with gas shows, but the bit stuck and the well was suspended until the thaw. Lake Long SL328 #8 is cased, with completion in the H Sand next.
30 Mar 2006admin correction● Neutral
Corrects the date in the earlier presentation: cash of $13.8m is as at 15 March 2006, not 2005. Administrative only.
24 Mar 2006farm in farm out agreement▲ GoodMajor
FAR takes a 15% interest in a second Suncor gas project, Clear Hills, Alberta, with operator Choice. First of two obligatory shallow Notikewin tests (Sweeney 102, about 1,000m) has spudded; Suncor estimates 5-11 BCF recoverable. Logging expected early next week.
21 Mar 2006drilling progress report● Neutral
Kakwa 6-18-63-4 well (FAR 15%) has reached 530 metres and has run surface casing, preparing to drill ahead to 3,950 metres. Duration estimate has lengthened to about 70 days from 60. No result yet.
21 Mar 2006drilling progress report▼ Bad
Operator confirms the same Eagle North-1 horizontal delay: mechanical and mud circulation problems, still at 4,131 metres. A 300-metre lateral and test follow, with up to 1,000 barrels a day anticipated if successful. Duplicates Sun's report; FAR holds 15%.
21 Mar 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 horizontal drilling is delayed by mud motor, directional tool and mud circulation problems; still at 4,131 metres measured depth, unchanged from 13 March. A roughly 300-metre lateral and test remain ahead. FAR holds 15%.
15 Mar 2006material agreement▲ GoodMajor
Senegal's government approved FAR's 30% share in the Rufisque, Sangomar and Sangomar Deep offshore blocks with Hunt Oil (operator 60%). This clears the main pending condition on the January deal and removes the convertible notes' early-maturity provision; maturity stays 31 January 2009.
14 Mar 2006farm in farm out agreement▲ GoodMajor
FAR takes a 15% interest in a Kakwa, Alberta gas test with Suncor acreage and operator Choice Resources. The well targets 13,000 feet, estimated dry-hole cost CAD$4.7m, with 17 BCF estimated by Suncor. A rig is on location, spud expected within 48 hours. New Canadian gas thread.
13 Mar 2006drilling progress report● Neutral
Sun Resources says drilling of the Eagle North-1 horizontal resumed after rig mechanical problems, now at 4,131 metres measured depth building the curve toward the Gatchell oil sands. Drill stem test follows once the lateral is drilled. FAR holds 15%.
9 Mar 2006drilling result▲ GoodMajor
Lake Long SL328 #8 (FAR 1.375%) reached planned depth; preliminary logs show 27.4 feet of net pay in 3 zones, with up to 17.3 feet more possible. Payback is modelled under 6 months. FAR also reports 4,317 gross acres leased for its 34% Texas Gulf Coast 3D project.
7 Mar 2006well test result▼ BadMajor
Vertical test of Eagle North-1 failed to flow: only about 400cc of oil recovered, and the perforations likely did not connect the oil sands to the well (inference from operator data, washouts and mud damage). Partners unanimously chose a 90-150m horizontal lateral instead. FAR holds 15%.
7 Mar 2006drilling progress report● Neutral
Operator confirms horizontal drilling has started from Eagle North-1 toward Mary Bellocchi-1, through the lower Gatchell oil sands, expected to finish within about ten days. Up to 1,000 barrels a day is anticipated if successful. Same plan as Sun's release; FAR holds 15%.
3 Mar 2006drilling progress report● Neutral
Sun Resources says unloading Eagle North-1 with nitrogen began, yielding only about 400cc of oil. Flow test of three to five days, then a spinner log, is planned; sidetrack depends on flow rates. Update due 7 March. FAR holds 15%.
28 Feb 2006quarterly activities report● Neutral
FAR's activity update says Eagle North-1 is perforated and being prepared for flow testing, with results expected by week's end. SL328 #8 at Lake Long (FAR 1.375%) is drilling ahead below 8,300 feet toward 9,900-10,700 feet. Largely repeats prior operator news.
27 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 was perforated over 20 metres and the crew is checking the perforations before unloading the well to start oil flow. Test results are promised at the end of the week. FAR holds 15%.
27 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 casing is perforated and about five more days of clean-up are needed before the flow test, using nitrogen to start flow. Results are expected at the end of the week. Mary Bellocchi-1 flowed 223 barrels a day in 1986; FAR holds 15%.
23 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 flow testing should start around 24-25 February. About 20 metres (4,143.7-4,163.6 metres) will be perforated, followed by a five-day flow test. Sidetrack decision depends on rates; FAR holds 15%.
21 Feb 2006drilling progress report● Neutral
Operator repeats that Eagle North-1 is cased at 4,217 metres and being prepared for flow testing in about four days. Log-interpreted net oil pay remains up to 13.4 metres. No new result; FAR holds 15%.
20 Feb 2006drilling progress report▲ Good
Sun Resources says 7-inch casing is set at 4,217 metres on Eagle North-1 and testing should start late Thursday. Refined log analysis now shows up to 13.4 metres of net oil pay over 4,143-4,164 metres, up from 7 metres. FAR holds 15%.
20 Feb 2006drilling progress report▲ Good
Operator confirms 7-inch casing cemented at 4,217 metres on Eagle North-1, with about four days to prepare for flow testing. Refined logs show up to 13.4 metres net oil pay over 4,143-4,164 metres. Same figures as Sun's release; FAR holds 15%.
20 Feb 2006quarterly activities report▲ Good
FAR's activity update repeats that Eagle North-1 is cased with up to 13.4 metres of net oil pay interpreted, awaiting testing. Parker barge rig 21B has arrived at Lake Long to drill SL328 #8 (FAR 1.375%), targeting 9,900-10,700 feet, with payback modelled under 6 months.
17 Feb 2006drilling result▲ GoodMajor
Sun Resources reports first-pass logs on Eagle North-1 show about 7 metres of net oil pay between 4,136 and 4,157 metres, similar to the 1986 Mary Bellocchi-1 discovery well. Testing follows after casing. Resolves the earlier no-oil-show concern positively; FAR holds 15%.
17 Feb 2006drilling result▲ Good
Lakes Oil, another 15% partner, repeats the operator's log result: oil saturation over 21 metres with 7 metres net pay in Eagle North-1, similar to Mary Bellocchi-1. No new information beyond the operator's release.
17 Feb 2006drilling result▲ GoodMajor
Operator's preliminary log analysis indicates oil saturation over 21 metres (4,136-4,157 metres) with 7 metres net pay, similar to Mary Bellocchi-1. The well will be cased and tested over about 8 days, then possibly sidetracked 300 metres. Duplicates Sun's result; FAR holds 15%.
16 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 reached final depth of 4,219 metres and electric logging is under way to assess the 4,167-4,175 metre gas show. Log results are expected within 24 hours, so the partners can decide on testing. FAR holds 15%.
