Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2017capital raising announcement▲ GoodMajor
FAR completed its fully underwritten A$80M placement at 8.0c, a 4.8% discount, saying it was significantly oversubscribed. A$54M settles first; A$26M needs shareholder approval around 15 May. Cash after tranche 1 is over A$85M, no debt, funding FAR to the SNE final investment decision expected early 2019.
6 Apr 2017capital raising announcement● NeutralMajor
FAR launched a fully underwritten A$80M placement of 1,000M shares at 8.0c, a 4.8% discount. A$54M comes first and A$26M needs shareholder approval around 15 May. Funds Senegal work and the Gambia blocks. VR-1's deeper Aptian target showed hydrocarbons judged not commercially significant.
What it means for a shareholder
1.00bn new shares at A$0.080 to raise about A$80.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00028% to 0.000229% of the company. To keep it you'd need 2,802 more shares - about A$224 at the issue price.
Create a free account to see this worked out for your own holding.
4 Apr 2017material agreement▲ GoodMajor
Guinea-Bissau licence terms revised: FAR's participating interest rises from 15% to 21.42% as Petroguin drops out until a commercial discovery, with licences extended to 25 November 2020. One exploration well per licence is required. Subject to Government Decree. Resolves the licence amendment talks.
31 Mar 2017material agreement▲ GoodMajor
FAR signed a two-year Area of Mutual Interest agreement with CNOOC UK covering selected blocks offshore Senegal and The Gambia, to jointly evaluate and bid for new acreage. No specific asset or funding is committed in the text.
30 Mar 2017investor presentation● Neutral
Investor update restating the 641mmbbl SNE 2C resource, A$47M cash at end 2016 and A$365M market cap. Adds the VR-1 results and 8 of 8 wells successful. Largely repeats known facts.
28 Mar 2017farm in farm out agreement▲ GoodMajor
FAR agreed to acquire an 80% interest and operatorship of Gambia Blocks A2 and A5 from ERIN Energy, adjacent to SNE. It pays US$5.18M upfront and funds up to US$8M of ERIN's share of a well planned late 2018. Subject to Gambian government approval.
27 Mar 2017drilling result▲ GoodMajor
VR-1 found a 97m gross oil column with the highest net pay and best lower-reservoir quality of any SNE well, making 8 of 8 successful wells. FAR expects a resource revision. The well is now being deepened toward the Aptian carbonate target.
22 Mar 2017admin correction● Neutral
Appendix 4G confirming the corporate governance statement, available on FAR's website, is current at 22 March 2017 and board-approved. Administrative filing accompanying the annual report; no substantive news.
22 Mar 2017annual report● Neutral
2016 annual report with chairman's review recapping the SNE appraisal (641mmbbl 2C), A$47M year-end cash and the ConocoPhillips/Woodside pre-emption dispute. Mostly restates known facts; the text shown does not give full-year accounts.
8 Mar 2017investor presentation● Neutral
Senegal project update restating the 641mmbbl SNE 2C resource, A$47M cash at end 2016 and A$360M market cap. It repeats the SNE-5 results and the VR-1 then SNE-6 sequence. No new information.
8 Mar 2017well test result▲ GoodMajor
SNE-5 was drilled and flow tested 21 days ahead of schedule and below budget. Upper reservoir zones flowed up to 4,500 and 4,200 bopd, in line with or above expectations. VR-1 will now be drilled before SNE-6, at about A$2-3M extra cost to FAR.
23 Feb 2017drilling progress report● Neutral
SNE-5 reached total depth of 2,852m, wireline logging is complete, and drill stem testing of the primary reservoir has started. Operations are ahead of schedule. No flow results yet; they are due when testing finishes.
7 Feb 2017resource reserve update▲ GoodMajor
FAR raised its undrilled Senegal prospective resources to 1,563mmbbl gross (234mmbbl net to FAR), over 50% more than the last review, audited by RISC. The increase comes from new 3D seismic interpretation. It follows the earlier 'over 1bn bbl' figure and closes the open prospective resource update.
7 Feb 2017investor presentation● Neutral
February 2017 investor update restating the 641mmbbl SNE 2C resource, A$47m cash at 31 December with no debt, and A$345M market cap. Notes SNE-5 is drilling and that FAR is funded for the approved 2017 Senegal program. Largely repeats known facts.
23 Jan 2017drilling spud▲ GoodMajor
SNE-5 began drilling on 21 January 2017, about 2km south-east of SNE-3. It is the first of two firm wells with the Stena DrillMAX, to be flow-tested for deliverability and connectivity of upper reservoirs. SNE-6 follows immediately.
25 Nov 2016contract award▲ GoodMajor
The Senegal joint venture signed a contract for the Stena DrillMAX drillship to drill two firm SNE appraisal wells (SNE-5 and SNE-6) from Q1 2017, plus option wells. Day rates are said to be significantly lower than with the Ocean Rig Athena. Tests aim to prove reservoir connectivity.
3 Nov 2016investor presentation● Neutral
Africa Oil Week presentation restating the 641mmbbl SNE 2C resource, market cap A$335M, and funding through the 2016/17 firm program. Notes the Conoco sale remains subject to pre-emption and government approval. No new information.
31 Oct 2016joint venture update▼ Bad
FAR says it still believes ConocoPhillips has not issued a valid pre-emption notice on the Woodside sale, and has invoked the Joint Operating Agreement's dispute process. It is not aware of Senegal government approval. Continues the partner dispute; the deal remains unresolved.
18 Oct 2016investor presentation● Neutral
Citi conference presentation restating the 641mmbbl SNE 2C resource, six successful wells, and first production targeted from 2022. Market cap is shown as A$357M at A$0.08. FAR says it is funded through the firm work program. No new results.
14 Sept 2016investor presentation● Neutral
RIU Good Oil Conference presentation restating the 641mmbbl SNE 2C resource, A$66M cash (30 June) with no debt, and A$320M market cap. A two-well program is planned from November 2016. Largely repeats known facts.
6 Sept 2016half year report● Neutral
Half-year to 30 June 2016: loss A$11.3m, cash A$66.3m, net assets A$150.9m, up 48% after the A$60m raising. Four SNE appraisal wells were capitalised, with exploration assets at A$96.8m. No impairments were recorded.
1 Sept 2016investor presentation● Neutral
September shareholder presentation restating the 641mmbbl 2C resource, A$66.3m cash with no debt, market cap A$326m and 4.46bn shares. It adds that two firm wells plus options are planned from late 2016, with first production targeted from 2022. Largely repeats known facts.
1 Sept 2016resource reserve update▲ GoodMajor
FAR assessed SNE as commercially viable, exceeding the roughly 200mmbbl minimum economic field size. Its concept is a standalone FPSO with 140,000 bopd plateau and first oil in 2022, a year later than earlier 2021 estimates. Breakeven is below US$40 per barrel; further appraisal drilling is expected late 2016.
23 Aug 2016resource reserve update▲ GoodMajor
RISC raised SNE 2C contingent resources 14% to 641mmbbl gross (96mmbbl net to FAR), including BEL-1 and SNE-4 data. 1C is 348 and 3C 1,128mmbbl. This is the third upgrade since discovery, up 316% from the pre-drill 154mmbbl. A commerciality statement is due soon.
23 Aug 2016joint venture update● NeutralMajor
FAR says ConocoPhillips failed to follow the joint operating agreement over its proposed Woodside sale, so in FAR's view (supported by legal advice) the pre-emption period has not started. Senegal's government urged an amicable solution. This complicates the Woodside deal and is a dispute with a partner.
21 July 2016investor presentation● Neutral
Noosa conference presentation restating Senegal results, the 561mmbbl 2C resource and a market cap of A$345m. It notes FAR has been told of its pre-emption right over the Woodside deal and is reviewing it. Next steps listed include a resource update and commerciality statement.
14 July 2016asset acquisition disposition● NeutralMajor
Woodside agreed to buy ConocoPhillips' 35% Senegal interest for US$350m plus about US$80m completion adjustment, subject to Senegal government approval and partner pre-emption rights. FAR says its focus is unchanged and it is fully funded. Targeted close is year-end 2016.
21 June 2016other▲ Good
FAR won 'Breakthrough Company of the Year' at the Oil and Gas Council's Africa Assembly in London for its Senegal success. The company cites six successes from six wells. An award with no new results or financial impact.
19 May 2016drilling result▲ GoodMajor
SNE-4 appraisal well succeeded, finding a 102m gross oil column of 32 degree API oil in the eastern SNE field, 5km from SNE-3. It finished ahead of schedule and under budget, the drill ship is released, and drilling resumes in H2 2016. A resource review is due this quarter.
13 May 2016investor presentation● Neutral
AGM chairman's address on FAR's shift from junior explorer to larger company: retail holding fell from 67% (2013) to 45% as institutions grew, market cap about A$350m, plus governance and remuneration framework explanations. No new project results.
