Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2016drilling spud▲ GoodMajor
SNE-4, the fourth appraisal well, spudded 5km south-east of SNE-1 in 940m of water, targeting 3,020m and about four weeks of work. FAR says the A$60m raising covers its expected obligations, possibly including two further contingent wells, subject to joint venture decision.
15 Apr 2016capital raising announcement● NeutralMajor
FAR raised A$60m via a placement of 705.9m shares at 8.5c, a 6.6% discount to the last close, to fund Senegal drilling and evaluation. About A$47m settles first; about A$13m needs shareholder approval at a 26 May EGM. Shares on issue will rise to about 4.41bn.
What it means for a shareholder
706m new shares at A$0.085 to raise about A$60.0m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.000317% to 0.000267% of the company. To keep it you'd need 2,240 more shares - about A$190 at the issue price.
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13 Apr 2016resource reserve update▲ GoodMajor
RISC raised SNE 2C contingent resources 20% to 561mmbbl gross (84mmbbl net to FAR), from 468mmbbl in February; 1C 277 and 3C 1,071mmbbl. It uses SNE-2 and SNE-3 data but not BEL-1; a further update is expected after BEL-1 and SNE-4.
11 Apr 2016drilling result▲ GoodMajor
BEL-1 discovered gas in the Bellatrix prospect (8m net gas sandstones), confirming the Buried Hills play, and proved the SNE field's northern extent with a roughly 100m oil column. FAR's fifth hydrocarbon find from five wells; a fourth appraisal well, SNE-4, follows within days.
22 Mar 2016annual report● Neutral
2015 Annual Report restates known facts: SNE-2 and SNE-3 appraisal success, A$40m raising, A$60.7m year-end cash with no debt, and a possible fourth well within budget. It also notes Kenya granted a one-year PSC extension and Australian assets are expected to be farmed out.
22 Mar 2016admin correction● Neutral
Re-lodgement of the 2015 Annual Report with minor edits to pages 8 and 9 on Senegal prospective resource estimates. Otherwise the same content; no new substantive information.
22 Mar 2016annual report● Neutral
Appendix 4G governance disclosure filed with the annual report, stating the corporate governance statement is on the company website and current at 22 March 2016. Administrative; no new business information.
16 Mar 2016investor presentation● Neutral
Melbourne Mining Club presentation restating the Senegal story: SNE-2 and SNE-3 flow results, February resource upgrade, Bellatrix prospect (168mmbbl best estimate, 49% chance), 200mmbbl minimum field size, A$60.7m cash at 31 Dec 2015. Market cap quoted A$440m. No new results.
15 Mar 2016drilling spud● NeutralMajor
BEL-1, the third well in the SNE appraisal program, has spudded in about 1,100m of water, targeting roughly 2,757m. It will test the untested Buried Hills play at Bellatrix and be deepened to appraise SNE's northern part. Completion is expected next month; tight-hole policy applies.
9 Mar 2016flow test result▲ GoodMajor
SNE-3 flow tests of upper reservoirs gave up to 5,400 bopd and 4,000 bopd stabilised (4,500 bopd combined), constrained by equipment and above FAR's expectations. FAR considers the appraisal's flow-rate objective met. The well finished ahead of schedule; the rig moves to BEL-1.
8 Feb 2016investor presentation● Neutral
February presentation restates the Senegal story: RISC's upgraded SNE resources, SNE-2 flow results and A$60.7m cash with no debt. It says FAR is ahead of schedule and may drill a fourth well within budget. No new results.
8 Feb 2016resource reserve update▲ GoodMajor
Independent assessor RISC upgraded SNE contingent resources to 240/468/940mmbbl (1C/2C/3C) gross. The 2C is up 42% from FAR's earlier 330mmbbl, or 70mmbbl net to FAR. The estimate predates the SNE-2 results, and RISC will update after the wells.
19 Jan 2016drilling progress report● Neutral
SNE-3 has been re-entered and is being drilled to about 2,782m, with coring, logging and flow testing to follow. The announcement mostly repeats the SNE-2 results and the 200mmbbl economic-size goal. BEL-1 follows SNE-3.
4 Jan 2016flow test result▲ GoodMajor
SNE-2 succeeded: the lower reservoir flowed about 8,000 bopd (equipment-constrained) and the upper unit about 1,000 bopd. Oil column is 103m gross. FAR expects a future upgrade of SNE resource estimates. This is the first of three wells.
10 Dec 2015drilling progress report▲ Good
SNE-2 reached its planned depth of 2,825m on 3 December, ahead of schedule. Preliminary data confirm the SNE discovery and match pre-drill expectations; flow testing is being prepared. The Senegal 3D seismic survey is finished, with final products due in Q3 2016.
27 Nov 2015regulatory community update▲ GoodMajor
A Presidential decree extends the Senegal production sharing contract by the requested three years from 6 February 2016, giving time to appraise SNE and FAN. FAR also finished the Djiffere 3D survey; it holds an option to farm in for 75% until October 2016.
25 Nov 2015capital raising announcement● NeutralMajor
The entitlement offer completed with 187.8m new shares issued at 8c, taking shares on issue to 3,693,650,099. This finishes the A$40m raising begun on 23 October. FARJOY remains the largest holder at about 11%.
What it means for a shareholder
188m new shares at A$0.080 to raise about A$15.0m. That's 4.8% dilution: every existing holder's slice gets 4.8% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.000338% to 0.000322% of the company. To keep it you'd need 636 more shares - about A$51 at the issue price.
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23 Nov 2015capital raising announcement● Neutral
Entitlement offer drew valid applications for about A$7.1m of the roughly A$15m. The shortfall of 99.0m shares (about A$7.9m) falls to the underwriters, RBC and Bell Potter. New shares are due to trade 26 November.
18 Nov 2015capital raising announcement● Neutral
The underwritten 1-for-17 entitlement offer at 8c closes today. The managing director, chairman and director Reg Nelson are taking up their rights. No new terms.
5 Nov 2015drilling spud● Neutral
The SNE-2 appraisal well, first of three back-to-back wells, has spudded in about 1,100m of water, targeting roughly 2,770m. Drilling is expected to take about 5 weeks, then logging and flow testing. FAR will make no further announcements until SNE-2 reaches target depth.
4 Nov 2015capital raising announcement● Neutral
Notice to shareholders outside Australia and New Zealand that they cannot take part in the 1-for-17 entitlement offer at 8c. Entitlements are non-renounceable, so they receive no payment or value. Administrative; no new terms.
4 Nov 2015capital raising announcement● Neutral
Letter to nominees and custodians on how the 1-for-17 entitlement offer at 8c applies to their clients. Only Australian and New Zealand holders are eligible; none for US persons. Administrative; no new terms.
4 Nov 2015capital raising announcement● Neutral
Entitlement offer booklet for the 1-for-17 offer at 8c, closing 18 November, underwritten by RBC and Bell Potter. Visible text is legal notices and risk warnings; terms match the 23 October announcement.
2 Nov 2015drilling spud▲ GoodMajor
Drilling has begun on the SNE appraisal program. The SNE-3 top hole is drilled first, then SNE-2 to total depth, about 6 weeks, followed by coring and flow testing; BEL-1 comes last. Program due mid-2016, aiming to show SNE exceeds roughly 200mmbbl.
30 Oct 2015capital raising announcement▲ GoodMajor
The A$25m placement completed: 312.5m shares issued at 8c. Proceeds are for the two SNE appraisal wells and Bellatrix. This completes the institutional half of the A$40m raising announced 23 October.
What it means for a shareholder
313m new shares at A$0.080 to raise about A$25.0m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.000338% to 0.000312% of the company. To keep it you'd need 1,058 more shares - about A$85 at the issue price.
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28 Oct 2015admin correction● Neutral
Because of the entitlement offer, the move of the share registry to Computershare is delayed from 2 November to 7 December 2015. Offer queries still go to Advanced Share Registry Services. Administrative only.
23 Oct 2015investor presentation● Neutral
Presentation supporting the A$40m raising at 8c, for the two SNE appraisal wells and the Bellatrix exploration well. Visible text is disclaimers and the offer overview; repeats the raising announcement.
23 Oct 2015capital raising announcement● NeutralMajor
FAR is raising about A$40m at 8c per share: a A$25m placement plus a 1-for-17 underwritten entitlement offer for about A$15m. Price is an 11.1% discount to the last trade. Funds go to the two SNE appraisal wells and Bellatrix, following the cash decline to A$43.6m.
23 Oct 2015capital raising announcement● Neutral
Letter to optionholders: to join the entitlement offer, options must be exercised and shares registered before the 29 October record date. Administrative; no new terms.
23 Oct 2015capital raising announcement● Neutral
Shareholder letter with mandatory details of the 1-for-17 entitlement offer at 8c: up to 187.8m new shares, record date 29 October, closing 18 November. Non-takers are diluted and entitlements are non-renounceable. Total shares would reach about 3.69bn.
