Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2017farm in farm out completion▲ GoodMajor
The Gambian government approved FAR's acquisition of 80% and operatorship of Blocks A2 and A5 from ERIN. FAR pays US$5.18M upfront and funds up to US$8M of ERIN's share of a late-2018 well. Prospective resources exceed one billion barrels. Completes the March deal.
21 June 2017joint venture update▼ BadMajor
Woodside said Senegal's energy minister issued a ministerial order confirming Woodside's participation in the joint venture. It rejects FAR's arbitration claim and will comment no further. This contradicts FAR's earlier point that no government approval had been notified.
20 June 2017joint venture update● NeutralMajor
FAR asked the International Chamber of Commerce in Paris to begin arbitration over its right to pre-empt ConocoPhillips' sale of its Senegal interest to Woodside. This moves the unresolved dispute into formal proceedings.
8 June 2017joint venture update● Neutral
FAR responded to Woodside, saying it supports the approved work program and that Cairn is operator. It says there is no agreement for Woodside to become operator and no notice of Senegal approval. Its pre-emption rights remain unresolved and arbitration is reserved.
8 June 2017joint venture update▼ BadMajor
Woodside, buying ConocoPhillips' 35% of the Senegal blocks, said FAR will not support Woodside acting as SNE Development Lead. It says FAR's pre-emption claims lack merit and warns of possible delay to first oil. Escalates the existing dispute.
29 May 2017director officer appointment● Neutral
Non-executive director Albert Brindal retired on 29 May 2017 after almost 10 years on the board and 17 years with FAR. He chaired the audit committee. The announcement gives no replacement.
29 May 2017agm notice● Neutral
AGM presentation covering board, management, shareholder base and 2016 achievements. Restates A$442M market cap, first oil target 2021 and funding to SNE final investment decision. No new information.
26 May 2017drilling spud● NeutralMajor
Drilling began on FAN South-1, the first pure exploration well offshore Senegal since the 2014 discoveries. It targets 134mmbbl of recoverable oil at an 18% chance of success, to an estimated depth of 5,317m.
25 May 2017investor presentation● Neutral
London conference presentation restating 9 of 9 successful Senegal wells, the 641mmbbl SNE 2C resource and first oil targeted for 2021. Market cap A$442M. Repeats known facts; no new results.
18 May 2017well test result▲ GoodMajor
SNE-6 proved the upper reservoirs are connected to SNE-5 about 1.6km away, flowing up to ~5,300 bopd, finishing under budget. FAR says this meets the final SNE appraisal objective. The joint venture plans to submit a development plan to government in 2018.
28 Apr 2017quarterly activities report● Neutral
March quarter report restating SNE-5 and VR-1 results, SNE-6 at total depth and the A$80M placement. Cash was A$35.3M at 31 March. Eight of eight Senegal wells successful. Mostly repeats known facts.
26 Apr 2017drilling scheduled▲ GoodMajor
FAR announced FAN South-1, its first pure exploration well in Senegal since the 2014 FAN-1 and SNE-1 discoveries, to be drilled after SNE-6. Target is 134mmbbl best estimate with an 18% chance of success. SNE-6 has reached total depth, ahead of plan.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter: cash and term deposits were A$46.98m. The Stena DrillMAX was contracted and SNE-5 began drilling 21 January. 3D seismic products were received, and pre-FEED studies continued. The Conoco sale dispute remains unresolved. Djiffere decision awaits final data.
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.
