Australian (ASX) Stock Market Forum

FAR - FAR Limited

Jump to new
Re: FAR - First Australian Resources

I have held FAR for 6 months now and loved the ride.

I am conviniced that Shell will excerise their option and who knows where the share price will be from there on in...

do you think Shell would then look to buy the entire project?

Either way I am holding on for the long term and hoping for somthing BIG. Purchased some more this week to add to my exposure.

Go Shell / Go Far
 
Re: FAR - First Australian Resources

Smallprofits said:
I am conviniced that Shell will excerise their option and who knows where the share price will be from there on in...
Click to expand...

What is it that has convinced you that Shell will exercise their option?

[This part here is so that i can avoid another infraction from that stuuuuuuupid 100 character minimum. Is this enough rubbish typed to avoid the filter?]
 
Re: FAR - First Australian Resources

pops11 said:
fodder-oz

I got in @ 9C so happy with that and yes some huge buying went on yesterday before close of market this could be a sign for next week as you said, very good read on HotCopper main page at the top, a post by MrMarket he makes so interesting points and makes some very good sence, all FAR holders now and in the very near future should read it.
Click to expand...



Thanks pops11

thats an interesting article, was hoping to find an analysis such as this.

fingers crossed
 
Re: FAR - First Australian Resources

Real1ty said:
What is it that has convinced you that Shell will exercise their option?

[This part here is so that i can avoid another infraction from that stuuuuuuupid 100 character minimum. Is this enough rubbish typed to avoid the filter?]
Click to expand...


Can you please explain what your text in bracket means? I can't understand your wording

To answer your question, information is generally leaked to the market - there has been no annoucement as to SHELL's position yet in 6 weeks the stock has increased 250% - based on no news released...

Surely if this was pure speculation then buying would have been done at $0.05 2 months ago.

Certainly their must be more to it? dont you think?

anyway, time will tell
 
Re: FAR - First Australian Resources

I tend to think that a decision would have been made if the CSEM didn't show anything, there is no point delaying it until the last day. I'd speculate the finer details of the deal are being ironed out before an announcement. It's not long now until a decision is made. However I think a punt on FAR and shell could be very beneficial in the short/medium term if the deal goes through.

Do you our own research of course.
 
Re: FAR - First Australian Resources

Smallprofits said:
Certainly their must be more to it? dont you think?
Click to expand...
Highly doubt it. If the fact that Shell was a sure thing had found its way to the market then it'd be much higher than these levels. $60mln for a company with Shell in the bag on a prospect like Senegal wouldn't happen, even in this market.

All this is is simple speculation.
 
Re: FAR - First Australian Resources

Still no decision although I hear that Shell had a meeting yesterday so you would think the results will be out hopefully before 28th of August which is when its due. Only wish we could predict whats going to happen. It's either going to make us holders jump for joy or be sad.

No leakage either and share price has retraced the last week or so while those nervous retreat. Time will tell, hopefully its good time waiting.
 
Re: FAR - First Australian Resources

Shell Exploration Company B.V. (Shell) has advised First Australian Resources (FAR) of its
decision not to exercise an Option in respect of Sangomar Offshore, Rufisque Offshore and
Sangomar deep Offshore Blocks (“Licences”) in Senegal, West Africa.
The decision by Shell follows the completion of a Shell funded CSEM Data Acquisition and
Geophysical Evaluation Programme over part of the Licence Area where a number of drilling
prospects have already been identified by FAR and its partner Petrosen.
Shell is required to deliver a technical report resulting from the Geophysical Evaluation Programme
no later than 21 September 2009 at which time further details will be released.
Click to expand...

You would have to think the reaction on the market to this news today will be pretty savage and could see the sp at very low levels for an extended period of time.
 
Re: FAR - First Australian Resources

Big blow to those FAR traders that were banking on SHell's excercise...SP dropped over 60% on opening.
 
Re: FAR - First Australian Resources

Well tried in vain to get some kind of news before today but couldn't find it and got caught :cool: Now the stock resides in a drawer waiting for the results and to see whether its an option for another company..darn it.

Zebo
 
Re: FAR - First Australian Resources

upward movement for FAR today up 1.2c from open or 31% with 30mill volume, buyers now outweigh sellers 2:1, which is a dramatic turnaround.

ASX speeding ticket reply provided by FAR they know nothing. Someone knows something, why the increase.

Good for us holders who still hold the stock and didnt sell before Shell pulled the plug.

Good for the day traders I guess as well, maybe price will head north for a bit who knows.

Either way undervalued stock with nearly 20 mill cash in the bank and no debts at these levels. Especially if another JV partner comes in and Senegal extension from govt gets approved.

Of course DYOR.:)
 
Re: FAR - First Australian Resources

Good news today with FAR, lease extension granted so they now have lease extended for another year.

Talks with potential JV partners ongoing. This is a stock with a potential 1billion barrels of oil in deepsea Senegal. Over 15Mill cash in the bank as well.

Good value at current share price atm.. Potential to retest 16c highs for the year if JV is signed.

Rise of 20% today after announcment.

DYOR, of course.
 
Re: FAR - First Australian Resources

huge fan and current holder with FAR fodder-oz....i believe too that they are undervalued....with 20m cash, the hard part was getting that lease extension....risk has been substantially reduced and thats why we saw huge volume today...i suspect some institutional and/or corporate activity, watch for the next top 20 SH release.....the JV will come, i think before Christmas, and it will be essential that the primary term for a partner being awarded interest on these blocks will be a drilling campaign....holes will be drilled sooner rather than later, and if they do strike oil, and its of economic quality...watch this stock go through the roof....with potential of i billion barrels, all they need to do is make a few successful drill holes and this one will be 30cps.....if they are aggressive in drilling might not be that far away.....could it be another Hardman resources??? my initial calc show a potential 600 m barrels x far's 20% interest (after selling some share of the blocks off to partner/s) = 120mboe...x $10 profit per barrel...and disc by 10% over 10 year production period with 660m shares on issue is around 460m MC and 72cps....so this is where we are working towards imho....it will take time, but the opportunity is there...successful drilling and anywhere near that target will see SP rise significantly....and imagine if the 1billion barrel estimate was accurate.....well its hardman all over.......hopefully the JV news is closer than we all expect, theres nothing else in the way for FAR......they can now create their own destiny....DRILL DRILL DRILL
 
Re: FAR - First Australian Resources

:)

Hi folks,

FAR ..... figuring on a strong finish on 11122009,
with 2 positive time cycles late in the week,
to focus the spotlight on FAR ..... :)

have a great weekend

paul

:)

=====
 
Re: FAR - First Australian Resources

I don't have all the expertise and experience that most of you guys do, but thought this one was worth a bump as they've been moving strongly. I bought in at March and getting close to doubling my investment now.

Recently there was this video interview with the head honcho that has some good info in it. http://www.abnnewswire.net/multimedia/en/62705/First-Australian-Resources

Anybody got any thoughts on the current state of the company? I don't understand all the numbers generally, but I look at the charts, look at their announcements, look at how much interest from other investors there is and make my best guess on wether to jump in or not... :cautious:
Most of the time it works. ;)
 
There is virtually no coverage of FAR on Aussie Stock Forums, which surprises me, especially having some potentially super-sized oil/gas projects!

With the closing of the SPP on friday 19th November now behind the company, I can see the share price begin to recover from its recent trading low (still above the SPP price of 5.8 cents) and likely to rebound, with increasing anticipation regarding its oil projects in W Africa, with a possible renewal of its Senegal project (and its potential farm-out of a portion of that license) and also a planned drilling in its recently acquired 10% equity of the Profound W Africa license area, as well as the recent announcement of an initial substantial shareholder notice of the Bluegold Global Fund (UK based).
 
Been a while between post on FAR - surprising after such a great performance over the past few months on back of good announcements and hopefully much more to come IMO. More smiles here - TU :D
 
FAR- Far limited

this one has been around a while, i first saw a presentation a few years ago at the oil and gas conference, and again i saw them present last week at the oil and gas conference in sydney.

"The most impressive presentations and stories so far have come from FAR Ltd, Texon, Norwest and unlisted explorer, Finder Exploration. The most worrying presentation came from Petsec, whose story sounded like an obituary at times, while Linc Energy remains a huge worry to StockAnalysis."

imho Peter Strachan is spot on, maybe missed one or two others, but pretty much on the money

i am impressed with the prospects they have offshore west africa

one target gets drilled in a few weeks i am told, and its a target that ophir has been getting onto. Kora. that well starts drilling offshore in a matter of a month i believe

Focus on Central Atlantic Margin of West Africa

FAR (10% WI) is partnering Ophir Energy plc in landmark West African “Kora” well (potential 453 million bbl potential) in AGC Profond Block

Farm‐in with Ophir gives FAR largest foothold offshore Senegal and Guinea Bissau region, West Africa (6.6m, 15%, 31 Jan 2012, face value 45 cents convert at 1:10 basis)

"Kora” well focuses attention on FAR’s world class offshore Senegal Project (3 blocks, FAR 100% WI)

FAR’s Senegal project ‐ multiple prospects range from FAR s around 200 million to greater than 1 billion bbl potential

AGC Profond Block is immediately adjacent to FAR’s Guinea Bissau blocks (FAR 21.43% WI) that includes 240 MMBOE STOOIP oil discovery, “Sinapa”


FAR Offshore West Africa Summary

AGC Profond Block (FAR earning 10% WI1)

Ophir as operator to drill the “Kora” well in April 2011

Well is targeting a prospect with mean prospective oil resources of 453million bbl (100% basis)

16 prospects on block mapped, total un‐risked resource potential estimate at approx 1.7 billion Bboe

Senegal (FAR 100%WI –subject to Ophir Option)

3 Blocks. 2,086sqkm 3D seismic has been acquired. Several fans and a giant buried hills play

Multiple prospects ranging from 200 million bbl to greater than 1 billion bbl potential

Ophir earning the right to acquire a 25% interest in Senegal licence areas1

FAR is looking for a partner in Senegal (up to 50% available)

Guinea Bissau (FAR 21.43%WI)

3 Blocks (5,832 sq km) with Svenska as Operator

Licenses include the “Sinapa” oil discovery (30m of water, P50 STOOIP of 240million bbl)

Several large prospects including Sardinha prospect with un‐risked P50 STOOIP of 219 million bbl

Completed a 1,600 sqkm 3D seismic acquisition program late 2010. Appraisal drilling 2011/12
 
Re: FAR- Far limited

if the senegal project proves successful the sky is the limit for this stock imo.. with a 100% WI it's all or nothing (I remember reading that they were trying to get a partner in the project to take 50% WI though)..

i agree in that it has plenty of upside with a number of other projects in the pipeline (smaller partnership ventures).. but being off the coast of west africa does not come without social unrest/political concerns etc.

i got in today off the pullbacks from yesterday. do you hold currently agentm?
 
Re: FAR- Far limited

yeah, i am a holder and i noticed the asf forum had no thread on it, i figured with peter giving the presentation and the company a huge wrap the other day, that it deserved to be posted on the forum

i think if you research ophir it gives a massive breakdown of what kora is


http://ophir-energy.com/Default.asp...fault&master_id=129&parent_id=129&page_id=320

[SIZE=+0]In July 2010 Ophir signed a one well contract with A.P. Moller-Maersk A/S to use the newly built (June 2010) ultra deepwater semi Maersk Deliverer. This rig will be used in conjunction with other operators as part of a north-west African sequence to drill the ultra deepwater prospect Kora in the JDZ between Senegal and Guinea Bissau the AGC.

[/SIZE] drilling_maersk_thumb.jpg


AGC (Sénégal/Guinéa Bissau Common Zone)
equ.gif


agc.gif
[SIZE=+0] [/SIZE][SIZE=+0]AGC is the ‘Agence de Gestion et de Coopération entre le Sénégal et la Guinée-Bissau’ which is a joint commission set up by the governments of Guinea-Bissau and Senegal to administer the maritime zone between the two countries. The AGC Profond block consists of the deepwater portions of two blocks previously known as Cheval Marin and Croix du Sud. The block covers an area of 9,838km² and is located in water depths ranging from approximately 50 to 3,500m. [/SIZE]
[SIZE=+0] [/SIZE][SIZE=+0][SIZE=+0]Interest[/SIZE][/SIZE]
[SIZE=+0] [/SIZE][SIZE=+0]The Group has an 83% beneficial interest and 82.955%paying interest in the block during exploration with the state owned entity Entreprise AGC holding a 12% beneficial interest and having a right to back-in for a further 5% beneficial interest following a declaration of commerciality; Rocksource AGC (Profond) AS has earned a 5% interest by funding a Controlled Source Electro-Magnetic (CSEM) programme and their promoted contribution to the first well will allow them to increase this to 15%. A further 10% will be available should they elect to make a further promoted contribution to a second exploration well.[/SIZE]
[SIZE=+0] [/SIZE][SIZE=+0][SIZE=+0]Exploration and appraisal[/SIZE][/SIZE]
[SIZE=+0] [/SIZE][SIZE=+0]The first renewal period commenced on 19 September 2009, lasts for two years and carries a commitment of one exploration well to a minimum depth of 1,500m. A second renewal of a further two years is possible with a further commitment to drill another exploration well, also to a minimum depth of 1,500m. [/SIZE]
[SIZE=+0] [/SIZE][SIZE=+0]In late 2008, a CSEM survey was conducted. The results were encouraging and have high graded a number of prospects. The Joint Venture has decided to drill the Kora Prospect in the northern part of the AGC Profond area. The semi-submersible rig Maersk Deliverer has been contracted to drill the Kora prospect early in 2011. For further details please refer to Maersk Deliverer Press Release.[/SIZE]
Licence Details:
Licence Name
AGC Profond
Basin
MSGBC Basin
Gross Area
9,838km²
Water Depths
50 to 3,500m


Licensees
Interest Ophir (Operator)
83% l'Entreprise AGC S.A. (Partner) (Entreprise)
*12% Rocksource AGC (Profond) AS (JV Party)
**5%*Entreprise have an option to increase their 12%. beneficial interest by a maximum of 5%.
**Rocksource AGC (Profond) AS have the ability to increase their equity to a maximum of 25% by partially funding the first two exploration wells on the Block.




click on images for better resolution





acr_kora-1_photo_full.jpg

agc_southern_basin_full.jpg

agc_well_location_full.jpg

agc_seismic_amplitude_full.jpg
 
Top