Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 reached final depth of 4,219 metres and is running wireline logs, with results expected in 12-18 hours. The gas show at 4,167-4,175 metres had no oil fluorescence, which the operator attributes to drilling conditions. FAR holds 15%.
15 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,184 metres preparing to drill ahead, repeating the Gatchell gas show and no oil fluorescence. Wireline logs still expected within 24-48 hours to judge oil potential. FAR holds 15%.
14 Feb 2006capital raising announcement● Neutral
FAR allotted the final 3,000 of 7.7 million convertible notes, completing the placement; funds go to the three Senegal licences. Hunt Oil says the 2,000 sq km 3D seismic contract is close to finalisation. Price not stated.
14 Feb 2006drilling result● NeutralMajor
Eagle North-1 hit the target Gatchell sand at 4,162 metres as predicted, with a gas show but no visible oil, which the operator says drilling conditions would suppress. Logs in 24-48 hours will decide. Total depth moved to 4,220 metres and time to 28 days. FAR holds 15%.
14 Feb 2006drilling result● Neutral
Sun Resources gives the same Gatchell sand intersection at 4,162 metres with a gas peak of 42 units and no oil fluorescence, attributed to mud and bit conditions. Wireline logs due within 24-48 hours; final depth revised to 4,218 metres. FAR holds 15%.
13 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,136 metres, close to the target now quoted at 4,148 metres. Planned total depth stays 4,206 metres. No result yet; FAR holds 15%.
13 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is at 4,136 metres and should reach the 4,145 metre target within 5-6 hours, after which logging and coring follow. No result yet; FAR holds 15%.
13 Feb 2006drilling progress report● Neutral
FAR's own update puts Eagle North-1 at 13,570 feet (4,136 metres), drilling ahead toward the Gatchell target. It restates the 15% interest and the plan to test then drill a 300 metre horizontal. No result.
10 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,848 metres, drilling ahead, with the 4,145 metre target expected by the weekend. Repeats known reserve ranges. No result; FAR holds 15%.
10 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,836 metres, drilling ahead toward the 4,145 metre target. Planned time to total depth is still 24 days from 12 January. No result yet; FAR holds 15%.
9 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,696 metres in the sidetrack, drilling ahead toward the 4,145 metre target. Planned time to total depth is unchanged at 24 days from 12 January. No result yet; FAR holds 15%.
9 Feb 2006drilling progress report● Neutral
Sun Resources repeats that Eagle North-1 is at 3,696 metres, drilling ahead to the 4,145 metre target, with total depth expected by the end of the week. Repeats the 13.5 million barrel mean reserve range. No result; FAR holds 15%.
8 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,627 metres, running back in with a new bit to drill ahead toward the 4,145 metre target. No result yet; FAR holds 15%.
8 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is at 3,627 metres after removing the directional motor, with drilling ahead expected to reach the 4,145 metre target by the end of the week. No result yet; FAR holds 15%.
7 Feb 2006capital raising announcement▲ GoodMajor
FAR has allotted the first 7,697,000 of 7.7 million convertible notes; the placement funds go toward the three Senegal licences. Operator Hunt Oil says a contract for the 2,000 sq km 3D seismic survey is close to finalisation. Note price is not stated here.
7 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is at 3,564 metres in the sidetrack, with a trip planned at 3,627 metres to remove the directional motor. Target depth is expected at the end of the week. No result; FAR holds 15%.
7 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead in the sidetrack at 3,565 metres toward the 4,145 metre target. No result yet; FAR holds 15%.
6 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,407 metres in the new sidetrack, running back in to resume drilling toward the 4,145 metre target. Repeats the 13.5 million barrel mean reserve range. No result; FAR holds 15%.
6 Feb 2006joint venture update● Neutral
Partner Amadeus announces it signed into the NE Waller programme in Texas, listing FAR at 34% and Amadeus at 30%. Seismic and leasehold costs are about US$4-4.5 million. This appears to be the Texas 3D seismic deal, now with the participants named.
6 Feb 2006drilling result▼ BadMajor
Schwing A-1 (FAR 18.3%) reached 11,650 feet; logs and cores show its three Upper Bolmex sands hold no oil, so the well will be plugged and abandoned. This resolves the 3-5 million barrel prospect as a dry hole. The 40-1 well is being considered next.
6 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,407 metres in the new sidetrack, running back in the hole to resume drilling. Planned time to total depth is unchanged at 24 days from 12 January. No result; FAR holds 15%.
3 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 pulling out of hole to pick up a new assembly, with sidetrack drilling to start from 3,407 metres. No new result; FAR holds 15%.
2 Feb 2006drilling progress report● Neutral
Schwing A-1 (FAR 18.3%) is drilling ahead at 11,547 feet, with oil shows in the Upper Bolmex called inconclusive until logged later this week. Lake Long SL 328#8 (1.375%) should start within 10 days; Eagle North-1 is preparing a new sidetrack.
2 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 is waiting on cement to set before returning to sidetrack drilling toward the 4,145 metre target. Time to total depth stays at 24 days from 12 January. No result yet; FAR holds 15%.
1 Feb 2006drilling progress report▼ Bad
Sun Resources confirms the Eagle North-1 sidetrack deviated into the original junked hole at 3,598 metres and must be repeated. Target depth is now expected about 7-8 February, later than earlier guidance. No result yet; FAR holds 15%.
1 Feb 2006drilling progress report▼ Bad
The Eagle North-1 sidetrack drilled back into the original wellbore, so a new cement plug and a second sidetrack are needed. Time to reach total depth is now stated as 24 days from 12 January, versus the original 14. Another setback; no result.
31 Jan 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 off bottom in the sidetrack hole, preparing to drill ahead from 3,459 metres, with target depth expected later in the week. No result yet; FAR holds 15%.
30 Jan 2006drilling progress report● Neutral
FAR reports Schwing A-1 (18.3%) drilling at 10,984 feet, expected to reach its 11,650 foot total depth and be logged this week. Eagle North-1 (15%) is preparing to drill ahead in its sidetrack at 11,285 feet. No results yet.
30 Jan 2006drilling progress report● Neutral
Operator reports the Eagle North-1 sidetrack drilled to 3,459 metres; the crew is pulling out to fit a new bit and assembly before drilling toward the 4,145 metre target. FAR holds 15%. No result yet.
27 Jan 2006drilling progress report▼ Bad
Operator says Eagle North-1 is preparing to set a cement plug on 20 metres of pipe left in the hole; sidetrack drilling from about 3,500 metres should resume over the weekend. Planned time to reach total depth now stated as 17 days, up from 14.
