Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2018material agreement▲ GoodMajor
The SNE Development and Exploitation Plan was submitted to Senegal's government, as flagged earlier. It plans about 500mmbbl developed in phases, with plateau 100,000 bopd, first oil in 2022 and FID in 2019. FPSO tenders are under evaluation.
23 Oct 2018drilling spud● NeutralMajor
Samo-1 was spudded in about 1,000m of water, with a planned depth of about 3,100m, testing the 825mmbbl prospect. It is the first offshore Gambian well in 40 years; FAR is operator with 40% and said it would update the market at key milestones.
13 Sept 2018investor presentation● Neutral
RIU Good Oil conference presentation: market cap A$600M, A$19M received from PETRONAS on 10 September. Repeats Samo-1 October spud, 825mmbbl best estimate, and SNE first oil 2022 and first gas 2024. No new information.
5 Sept 2018investor presentation● Neutral
September investor presentation: market cap A$655M, cash A$28.9M plus about A$20M due from PETRONAS. Samo-1 spud confirmed for October, results by year end. Introduces the Soloo prospect (73% chance of success for oil in the lower interval). Otherwise repeats known facts.
30 Aug 2018half year report● Neutral
Half-year to 30 June 2018: loss of A$12.1M versus A$22.3M a year earlier, with exploration expense of A$12.0M. Cash fell to A$28.9M from A$49.9M at December 2017. No debt. Mainly restates known activities.
28 Aug 2018farm in farm out completion▲ GoodMajor
The Gambian government approved assigning 40% of Blocks A2/A5 to PETRONAS, resolving the pending approval from the February deal. FAR keeps 40% and operatorship and receives about A$19M cash; PETRONAS funds 80% of Samo-1 costs up to US$45M.
27 Aug 2018director officer appointment● Neutral
Executive director Ben Clube resigned from the board and will leave the company, receiving 12 months' salary as a termination payment. The board is now three non-executives plus Managing Director Cath Norman, who is the only executive.
22 Aug 2018drilling scheduled● Neutral
FAR finalised the Samo-1 well location in about 1,017m of water, 112km offshore Gambia. Spud is planned for early Q4 2018, about 40 days to drill. Targets 825mmbbl best-estimate prospective resource; FAR holds 40% after the PETRONAS deal.
31 July 2018quarterly activities report● Neutral
June quarter report: cash and term deposits A$28.9M, excluding about A$19.3M PETRONAS farm-out payment expected in Q3. The farm-out completion is delayed. Samo-1 is still planned for Q4. WA-457-P was cancelled with no outstanding obligations; SNE Evaluation Report was submitted on 26 July.
30 May 2018investor presentation● Neutral
AGM presentation recapping Senegal and Gambia. Operator figures cited: breakeven US$35/bbl, about US$2bn capex to first oil, plateau around 100,000 bopd for phase 1. The arbitration tribunal president was appointed 13 April, with Terms of Reference due by 29 June. Mostly repeats known facts.
30 May 2018other● Neutral
Chairman's AGM address: shares have traded roughly 7.5-8.5c for a year, which he attributes partly to development-funding concerns and the ConocoPhillips/Woodside arbitration. He says FAR's 15% is unaffected whatever the outcome. Operator cites break-even at US$35/bbl.
30 Apr 2018quarterly activities report● Neutral
March quarter report: cash and term deposits A$40.4M. Senegal tender responses expected by end of May; the SNE evaluation report is targeted by end June and the exploitation plan for September. Restates PETRONAS deal and FAN resources, and a new General Counsel, Michael Cowie, was appointed. FAR again rebuts the CAP court allegations.
26 Apr 2018contract award▲ GoodMajor
FAR signed a contract with Stena Drilling for the Stena DrillMAX drillship to drill Samo-1 in The Gambia in late 2018. The rig did the 2017 Senegal campaign; FAR says the day rate is in line with 2017 rates. Samo is 825mmbbl at 55% chance of success.
20 Mar 2018annual report● Neutral
2017 annual report: year-end cash A$49.9M, no debt, 11 of 11 Senegal wells successful. SNE exploitation plan is due to the government in Q3 2018, with approval by year-end and FID mid-2019. Tenders for FPSO, rigs and subsea released early 2018. Largely repeats known facts.
20 Mar 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the website governance statement. Administrative; no new information.
20 Mar 2018resource reserve update▲ GoodMajor
RISC-reviewed report puts the FAN discovery at 198mmbbl 2C contingent resource gross (27mmbbl net to FAR at 15%), and undrilled Senegal prospects at 673mmbbl. FID is now planned for 2019. A review of SNE is expected mid-year.
5 Mar 2018investor presentation● Neutral
Gambia investor update repeating the PETRONAS farm-out, RISC-audited 1.1 billion barrel prospective resource and late-2018 Samo-1 drilling. Market cap A$421M, cash A$49.9M at end 2017, no debt. No new information.
26 Feb 2018farm in farm out agreement▲ GoodMajor
FAR agreed to farm out 40% of Gambia Blocks A2/A5 to PETRONAS, keeping 40% and operatorship. PETRONAS funds 80% of Samo-1 well costs up to US$45M and pays about US$13.5M cash at completion. Subject to Gambian approval; well still targeted late 2018.
31 Jan 2018quarterly activities report● Neutral
December quarter report: cash and term deposits A$49.9M. The Senegal venture is finishing concept selection for a standalone FPSO with about 25 initial wells, targeting first oil 2021-2023. FAR received third-party interest in farming into the Gambia blocks.
22 Nov 2017investor presentation● Neutral
Gambia-focused investor update repeating the RISC-audited 1.1 billion barrel prospective resource and late-2018 Samo drilling. Market cap A$410M; Q3 cash A$63M, no debt. No new information.
21 Nov 2017resource reserve update▲ GoodMajor
RISC audit supports 1.1 billion barrels of Gambia prospective resources (best estimate, gross, unrisked), 926mmbbl net to FAR. Samo prospect is 825mmbbl at 55% chance of success; Bambo 333mmbbl at 18%. Drilling planned late 2018.
31 Oct 2017quarterly activities report● Neutral
September quarter report restating the SNE North-1 discovery, Gambia approval, Guinea-Bissau decree and Tim Woodall's appointment. Cash and term deposits A$61.9M. Gambia office opened. Mostly repeats earlier announcements.
14 Sept 2017investor presentation● Neutral
RIU Good Oil conference presentation recapping the Senegal story. Notes SNE North-1 took 26 days at US$21.0M, SNE 2C at 641mmbbl, and first oil expected 2021-2023. Operator numbers cited: breakeven below US$35/bbl. Repeats known facts.
13 Sept 2017other● Neutral
FAR denied an Upstream article claiming a dispute with CAP had reached a Dakar court. It says it has not appeared in any court, no papers were served, and the CAP contract is not material. New, minor thread.
5 Sept 2017half year report● Neutral
Half-year to 30 June 2017: loss A$22.3M, versus A$11.3M a year earlier, mainly higher exploration expense. Cash A$91.3M after the A$80M raising. Net assets rose 33% to A$193M. Confirms known drilling results.
25 Aug 2017regulatory community update▲ GoodMajor
Guinea-Bissau government decree approved FAR's 21.42% participating and paying interest in the Sinapa and Esperanca licences and extended them to 25 November 2020. One well per licence, minimum US$3M gross each. Resolves the April amendments awaiting decree.
7 Aug 2017drilling result▲ GoodMajor
SNE North-1 found hydrocarbons in at least three intervals, with over 24m gross column and over 16m net, 35° API oil, 15km north of SNE-1. Reached 2,837m, ahead of schedule and under budget. Commerciality is unassessed. Ends the 2017 campaign, 11 of 11 wells successful.
1 Aug 2017director officer appointment▲ Good
FAR proposed Tim Woodall, former CEO of RISC and founder of Miro Advisors, as non-executive director. He fills the seat left by Albert Brindal's May retirement (inference). The chairman says his experience suits the move into the exploitation phase.
31 July 2017quarterly activities report● Neutral
June quarter report: SNE-6 and FAN South-1 completed under budget, cash A$91.3M after the A$80M placement, and Gambia approval received. SNE North-1 drilling was under way. FAR expects an SNE resource revision. Largely restates known results.
11 July 2017drilling result▲ GoodMajor
FAN South-1 reached 5,343m and discovered oil, with 31° API samples recovered from Lower Cretaceous reservoirs. Commerciality is unassessed and being integrated with FAN-1. Rig now moves to SNE North-1, targeting 294mmbbl at 60% chance of success.
