Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2021business combination● NeutralMajor
Remus told FAR it cannot lodge a Bidder's Statement because Guernsey regulators suspended its registration. It also said the offer was not properly authorised and it lacks funding. FAR concludes the 2.1c offer won't proceed and still recommends the Woodside sale.
15 Apr 2021agm notice● Neutral
Shareholders voted 99.37% to adjourn the Woodside sale meeting to 28 April 2021, giving Remus time to lodge its Bidder's Statement.
14 Apr 2021business combination● Neutral
Remus said it intends to make a 2.1c cash takeover offer, conditional on shareholders rejecting the Woodside sale. It claims US$400M of funding capacity. FAR's board will raise it first at the next day's meeting, possibly seeking more time.
1 Apr 2021business combination● NeutralMajor
Lukoil told FAR its 2.2c proposal will not proceed to a binding offer, ending that alternative to the Woodside sale. Directors continue to support the sale and may reconsider if a Remus or other offer emerges.
30 Mar 2021annual report▼ Bad
Unaudited 2020 accounts show a net loss of US$75.7M, including a US$55.8M writedown on the Senegal asset being sold. Year-end cash was US$25.9M. Audited accounts are due by 30 April; the suspension lifts only once the audit has no disclaimer.
12 Mar 2021other▼ Bad
S&P Dow Jones index notice listing FAR among removals from the S&P/ASX 300 and All Ordinaries from 22 March 2021. This is an index provider notice, not a FAR announcement; the company reported no new business.
12 Mar 2021other● Neutral
FAR says both the Remus (2.1c) and Lukoil (2.2c) proposals remain incomplete. It reset the Woodside sale shareholder meeting to 15 April 2021 and says it does not intend to postpone it again.
17 Feb 2021business combination● NeutralMajor
Russia-based Lukoil made a non-binding proposal to buy all of FAR at 2.2c cash per share (A$220M), subject to due diligence and board approval. FAR postponed the 18 February Woodside sale meeting. FAR is in default on January (US$19.9M) and February (US$24M) Sangomar cash calls.
3 Feb 2021security holder rights change● Neutral
All 9,353,000 unlisted performance rights lapsed under the plan terms. Issued capital stays at 9,978,830,197 ordinary shares, with no unquoted securities.
29 Jan 2021quarterly activities report● Neutral
December quarter: cash US$25.9M, about US$9.9M by end January. Woodside's takeover of Cairn's Sangomar stake completed. Gambia prospective resources upgraded to 1,800MMbbl gross (900 net), with Bambo-1 targeted for the second half of 2021. Shares remain suspended.
20 Jan 2021material agreement● NeutralMajor
FAR signed the sale and purchase agreement with Woodside on 19 January 2021, on the same terms as the earlier ONGC deal. Shareholders vote on 18 February 2021. The non-binding Remus proposal is conditional on this sale not occurring.
8 Jan 2021business combination● NeutralMajor
Remus says it is finalising funding for its 2.1c offer, which is conditional on the Woodside sale not occurring, and may offer a US$50M bridge loan. FAR postponed the sale meeting to 18 February 2021. After paying cash calls, FAR's cash is about US$10.3M.
21 Dec 2020other● Neutral
FAR released a disclosure letter from Athos Capital showing a cash-settled swap exposure of about 7.28% of FAR shares. The swaps carry no voting rights, and Athos's voting power is below 5%.
17 Dec 2020business combination● NeutralMajor
FAR received a conditional, non-binding proposal from Remus Horizons to buy 100% of FAR at 2.1c cash per share, conditional on the sale meeting being rescheduled. FAR postponed the 21 December meeting to 21 January 2021 and hired Baker McKenzie.
4 Dec 2020joint venture update● Neutral
FAR confirms Woodside's pre-emption of the ONGC sale on identical terms. The shareholder meeting on 21 December 2020 will consider the sale, and the meeting documents already covered a pre-emption, so the process is unchanged.
3 Dec 2020joint venture update● NeutralMajor
Woodside exercised its pre-emption right over FAR's Sangomar interest on the same terms as ONGC: US$45M, working capital reimbursement and contingent payments capped at US$55M. Still needs Senegal and FAR shareholder approval. Woodside's stake would reach 82% in the exploitation area.
11 Nov 2020asset acquisition disposition● NeutralMajor
FAR agreed to sell its entire Sangomar interest to ONGC Videsh for US$45M plus US$66.58M working capital reimbursement, plus contingent payments capped at US$55M. FAR cured its cash call default. It expects about US$130M cash at completion. Needs shareholder, Senegal and pre-emption approvals.
26 Oct 2020director officer appointment● Neutral
Non-executive director Dr Julian Fowles resigned effective 31 October 2020 to become CEO of Karoon Energy. He had been a FAR director since October 2019.
20 Oct 2020quarterly activities report● Neutral
September quarter: cash US$60M, shares still suspended. Guinea-Bissau licence extensions approved to October 2023 and WA-458-P work period extended to January 2022. Sangomar construction is within budget. Gambia Bambo-1 remains on hold.
5 Oct 2020listing compliance notice▼ BadMajor
ASX says FAR stays suspended until the auditor's disclaimer of review opinion is removed, with no timeframe. FAR remains focused on selling its Sangomar interest, with details confidential.
2 Oct 2020listing compliance notice● Neutral
FAR answered ASX's queries: no Senegal sale agreement exists yet, and the asset was valued off the Cairn/Lukoil sale price that Woodside pre-empted. Defaulted cash calls total US$32.03M; US$62.15M cash at 31 August. Debt or equity raising seen as less likely.
28 Sept 2020listing compliance notice● Neutral
FAR's voluntary suspension continues while ASX finishes its review of the half-year accounts, which ASX expects to complete later that week. No new information on the Senegal sale.
14 Sept 2020listing compliance notice● Neutral
ASX paused trading in FAR securities pending a further announcement. Administrative step that precedes the voluntary suspension requested the same day.
14 Sept 2020listing compliance notice▼ BadMajor
At its own request FAR is suspended while ASX reviews the half-year accounts, which carry an auditor's disclaimer of review conclusion. FAR says it decided to sell its main asset after the oil price fall; the sale is ongoing with multiple parties. Suspension to last until 28 September at the latest.
11 Sept 2020half year report▼ BadMajor
Half-year accounts to 30 June 2020 were lodged. Per FAR's later ASX letter, the auditor gave a disclaimer of review conclusion because of uncertainty over the timing and price of the Senegal sale and its carrying value. Full text was truncated, so no figures are given here.
4 Sept 2020other▼ Bad
S&P Dow Jones Indices will remove FAR from the S&P/ASX 300 index at the open on 21 September 2020. This is an index provider notice, not a company announcement, and says nothing about FAR's business.
27 Aug 2020joint venture update▼ Bad
FAR will not pre-empt Cairn's sale to Lukoil. It remains in default, with US$28.2M of cash calls unpaid and US$63.4M cash at 31 July, and six months from 23 June to cure. It continues pursuing a sale of all or part of its stake.
20 Aug 2020asset acquisition disposition● NeutralMajor
Petrosen's increase in Sangomar Exploitation Area interest from 10% to 18% is confirmed, cutting FAR's stake from 15% to 13.67%, as long expected. Petrosen owes FAR US$4.79M reimbursement at end June. FAR still pursues a sale.
17 Aug 2020joint venture update● Neutral
Woodside exercised its pre-emption right over Cairn's 40% Sangomar sale to Lukoil. This could raise Woodside's share of the project.
28 July 2020joint venture update● Neutral
Cairn, FAR's Sangomar partner, announced a proposed sale of its entire 40% interest. FAR gives no detail beyond pointing to Cairn's announcement.
