Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2021quarterly activities report● Neutral
September quarter: Senegal sale proceeds of US$126M received and the A$0.80 capital return paid, leaving cash of US$64.7M. Bambo-1 spud is now planned for 13 November. US$19.8M of FAR's US$25.5M share of the well cost is still to be spent, funded from cash.
13 Oct 2021regulatory community update▲ Good
The ATO published a class ruling on the A$0.80 per share capital return paid 28 September. No part is assessable as a dividend, and qualifying holders can treat any gain as a discount capital gain. This resolves the pending ruling thread.
21 Sept 2021investor presentation● Neutral
Updated presentation reflects shares trading ex-capital return: price A$0.76, cash A$84M, no debt, market value A$76M. Bambo-1 spend to date is US$10M of the US$51M budget; the spud is still planned for late October or early November.
15 Sept 2021capital raising announcement▲ GoodMajor
Shareholders approved the A$0.80 per share cash return of capital on 15 September. Shares trade ex-return from 20 September, with the record date 21 September and payment 28 September. An ATO class ruling is still pending.
13 Sept 2021half year report● Neutral
Half-year financial report to 30 June 2021 released, covering the period including the Senegal discontinued operation. The visible text is mostly contents and disclaimers, so no figures can be stated here.
8 Sept 2021agm notice● Neutral
The 15 September general meeting will be fully virtual rather than hybrid because of COVID-19 restrictions in Melbourne. Shareholders can attend online.
6 Sept 2021investor presentation● Neutral
Presentation shows a share price of A$1.29, cash of A$167M, no debt and a market value of A$129M. Bambo-1 spend to date is US$9.5M of a US$51M budget. Success-case planning for a 150 mmbbl Bambo development is outlined, with first oil in 2028.
22 July 2021capital raising announcement▲ GoodMajor
FAR has US$127M cash and no debt after the Senegal sale. It plans to return about A$80M (A$0.80 per share) to shareholders, subject to a vote, and has applied for ASX reinstatement on 23 July. It remains an oil and gas explorer.
22 July 2021investor presentation▲ GoodMajor
FAR reports US$128M cash, no debt, and a planned A$0.80 per share capital return. Bambo-1 spud is planned for late October or early November. FAR will rationalise its portfolio, seek to farm out or sell Guinea-Bissau, and sell or drop WA-458-P by mid-2022.
22 July 2021quarterly activities report▲ Good
June quarter: the Senegal sale closed on 6 July for US$126M, leaving FAR with no Senegal interest. Bambo-1 drillship mobilisation is set for the second half of October. FAR's remaining share of the well budget is US$22.25M, funded from cash.
22 July 2021listing compliance notice● Neutral
ASX says FAR's 99,790,492 shares will be reinstated to quotation at about 10:09am on 23 July 2021. This follows the suspension begun in September 2020.
22 July 2021listing compliance notice▲ GoodMajor
ASX confirms FAR's suspension, in place since September 2020, will lift from the start of trading on 23 July 2021 following completion of the Senegal sale.
14 July 2021listing compliance notice● Neutral
FAR says it expects to give an update on lifting its trading suspension within 48 hours. No new substance beyond that.
8 July 2021director officer appointment● Neutral
Patrick O'Connor is appointed Chairman. The board is now three people: O'Connor, Robert Kaye and Managing Director Cath Norman, following the July resignations.
7 July 2021asset acquisition disposition▲ GoodMajor
Woodside says it completed buying FAR's Senegal RSSD interest. The final payment to FAR was about US$126M after adjustments and remedying FAR's defaults; up to US$55M more is contingent on oil prices and first-oil timing. Woodside's stake rises to 82%.
7 July 2021asset acquisition disposition▲ GoodMajor
FAR confirms the Senegal RSSD sale to Woodside is complete and it received US$126M, ending the long-running sale process. Up to US$55M more is contingent on oil price and first oil (targeted 2023). FAR can now seek ASX reinstatement.
2 July 2021security holder rights change● Neutral
The 100-to-1 share consolidation approved at the AGM is complete, leaving 99,790,492 ordinary shares on issue. Fractions were rounded up, and new holding statements are being sent.
1 July 2021director officer appointment● NeutralMajor
Chairman Nicholas Limb (director since 2011) and Reg Nelson resigned, citing board renewal as the Senegal sale nears completion. Robert Kaye SC and Patrick O'Connor join as independent non-executive directors, following Tim Woodall's earlier exit.
22 June 2021investor presentation● Neutral
AGM presentation repeats known points: Senegal sale expected to complete before end June, and Bambo-1 to spud 1 Oct–30 Nov 2021 at an estimated FAR share cost of US$24M. Nothing materially new beyond the June rig announcement.
21 June 2021security holder rights change● Neutral
FAR will consolidate its shares 100-for-1 if approved at the 22 June meeting, cutting shares on issue from 9,978,830,197 to 99,788,302. Fractions round up; new shares settle on 2 July. This changes share count, not the value of holdings.
21 June 2021director officer appointment● Neutral
Director Tim Woodall resigned from the board immediately, earlier than the 2 July end to his executive role announced in May. His re-election resolution at the 22 June AGM was withdrawn.
16 June 2021drilling scheduled▲ GoodMajor
FAR signed a rig contract with Stena Drilling for Bambo-1 in The Gambia, with spud between 1 October and 30 November 2021. The well targets 1,118 MMbbl best-estimate prospective resources (559 net), with chances of success of 7% to 37%.
31 May 2021asset acquisition disposition▲ GoodMajor
FAR satisfied the third-party contract termination condition and received Senegal Minister approval for transferring its RSSD interest to Woodside. Completion is targeted within weeks.
12 May 2021listing compliance notice▼ Bad
ASX will not reinstate FAR shares yet, even though the 30 April audited accounts were unqualified. It now requires the Senegal RSSD sale to complete first. FAR says it has no say.
7 May 2021director officer appointment● Neutral
Executive Director Tim Woodall will revert to non-executive director in early July, after the Senegal sale. The Chairman says the board is continuing to shrink the executive team.
4 May 2021director officer appointment● Neutral
CFO Peter Thiessen will leave in July after ten years. Victoria McLellan, currently Group Joint Venture and Finance Manager, takes over as CFO. The Managing Director describes it as continuing restructuring begun in 2020.
30 Apr 2021quarterly activities report● Neutral
March quarter: cash and term deposits US$8M. Sangomar is 24% complete, with first oil still targeted for 2023 and budget up US$400M to US$4.6B. Bambo-1 in Gambia was reactivated, and Woodside sale approved on 28 April.
30 Apr 2021other● Neutral
Annual corporate governance statement and Appendix 4G, describing FAR's governance against ASX recommendations. No new business or figures.
30 Apr 2021annual report● Neutral
2020 annual report released with unqualified audited accounts. The Chairman says FAR has been in default on Senegal payments since January 2021 and expects about US$130M cash on completion. Bambo well planned for Q4 2021 after Gambia extended the drilling deadline to end 2021.
28 Apr 2021asset acquisition disposition▲ GoodMajor
Shareholders approved the sale of FAR's Senegal RSSD interest to Woodside, with 97.25% in favour. FAR must still finish the remaining conditions and completion tasks.
