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FAR - FAR Limited

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Hi folks,

FAR ... expecting a couple of positive time cycles very late this week, that
may result in a stronger close ..... expecting some psoitive news, around
06-09052011 .....

Updated FAR chart below, shows a double-bottom at 50% retracement of last
upleg, starting in October 2010 ... last week closed with a strong hammer,
supported by heavy volume, close to a 100% fill of time for last upleg, as well ...

have a great week all

paul



=====
 

Attachments

  • FARupdate20110429.pdf
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Leading the tipping comp with this one

they may announce some news on a pending arrival of the maersk deliverer, and then the drill of the Kora target offshore west africa

noble farmed in last week, and ophir is raising more capital. rocksource keeps talking it up.

this one may run a little.
 
28 June 2011
ASX ANNOUNCEMENT AND MEDIA RELEASE

OFFSHORE WEST AFRICA – KORA-1 DRILLING COMMENCES

FAR is pleased to announce that the semi-submersible rig Maersk Deliverer has commenced drilling the Kora-1 well in the AGC Profond PSC.

The PSC is administered by the “Agence de Gestion et de Coopération entre le Sénégal et la Guinée-Bissau” (“AGC”) which is the joint commission set up by the Governments of Senegal and Guinea-Bissau to administer the maritime zone between the two jurisdictions. The Kora prospect is located approximately 280km SSW of Dakar in 2,700m of water.

The Kora-1 well is targeting a prospect having mean prospective oil resources of 448 million barrels (100% basis, Rocksource estimate). The planned minimum Total Depth for the Kora well is 4,251mSS (approx. 1,600m below the mudline) although consideration will be given to drilling deeper based on the geology encountered.

Further information concerning the AGC Profond and the Kora Prospect may be found in FAR’s previous releases to the ASX.
 
Trevoru said:
Trading Halt - now the wait. No news from partners.
GLTA
TU
Click to expand...

From Rocksource
Kora
The Kora-1 well in offshore Senegal and Guinea Bissau
was on XX July announced as unsuccessful. The Kora
prospect had an EM anomaly interpreted by Rocksource
to be associated with hydrocarbons with an
approximate 50 per cent chance of success. The
prospect was found dry and the strong EM anomaly is
believed to have been caused by a combination of
lithologies (rock types) which have combined to
produce unusually high resistivity. Although these
lithologies were not specifically predicted pre-
drill, given the lack of well control in this
frontier area it was accounted for in Rocksource's
prospect risking. Rocksource recently farmed down
half of its interest in AGC Profond receiving as an
initial consideration, USD 28 million in promoted
contribution towards past expenditure and the costs
of the Kora-1 well
 
Ouch that's going to hurt a few investors, and damn it there goes my top hat and eye monocle money. Far looking at .02 in this current market. Might be a trade on the Senegal extension coming good.
 
Hmm in a trading halt pending Senegal announcement...
Up .004 prior to halt, looks like someone knows something....

Covered the dive in ARU for me today
 
FAR - First Australian Resources Ltd.

FAR is an ASX listed oil and gas exploration company focussed on offshore West and East Africa with current projects in Senegal, the AGC, Guinea Bissau and Kenya. The Company’s mission is to reward shareholder investment with continued growth and exploration success.

Have been watching since they popped up on the radar from ASI newsletter or similar....



Don't mistake my additons to the current chart, and apologies for it not showing the situation a bit more clearly - have a look at the yearly for a better idea.

That 4c level is important and may be pushed through in the near term if sentiment stays strong - perhaps a decent announcement will be added to the mix to help it...
 
Re: FAR - First Australian Resources Ltd.

I'd love to be proven wrong, but I have my doubts about the strength of management at this company. They seem to have gotten themselves into some promising positions over the years, but have habitually failed to deliver. I'm actually slightly surprised that shareholders have persisted with Michael Evans for as long as they have given the track record and the fact that he's put so little of his own cash into the business, but taken so much out in the form of wages.

The volume is interesting, so it may go on a run and make some coin for traders, who knows. The challenge is creating real sustained value for shareholders, rather than just stumbling from one capital raising to the next...
 
Re: FAR - First Australian Resources Ltd.

doctorj said:
The volume is interesting, so it may go on a run and make some coin for traders, who knows. The challenge is creating real sustained value for shareholders, rather than just stumbling from one capital raising to the next...
Click to expand...
The last 3 times high volume has shown up its ended in being distribution, that is the next move has been down. So I wouldn't be cheering high volume here at major resistance.

Then again it may be 4 times lucky, and a very good breakout sign. One to watch the reaction from the volume action.
 
Volume seems to be slowing pretty fast, after a rapid first 1/2 hour. Sell side fuller than earlier but no momentum either, so I reckon it will stay about where it is now without strong reversal.

I managed a 41-43 trade.
 
Losses need to be taken quickly, for a similar number of ticks. If that can be done, then it's just a matter of having a highish win rate. Brokerage is $30. Volume was high enough to support a decent sized trade. So I made a good profit this time.

But you already know all this. My question to you is why are you asking questions about things you already know the answer to?
 
So you're looking for traders for your hedge fund eh?

Forget me, I'm nowhere near good enough. Maybe I could work on a salary, haha. I'd need 200K.

Maybe ask skc, skyquake or tech/a.
 
Gringotts Bank said:
So your looking for traders for your hedge fund eh?

Forget me, I'm nowhere near good enough.

Maybe ask skc, skyquake or tech/a.
Click to expand...

Now now don't get titchy. Was just going to say in light of your shorter timeframe thread that you have jumped out of the frypan into the volcano!

Why not look at instrument that are far far far more suited to flipping?

Why make something hard? Seems to me that no matter how good of a brick layer you are when you’re doing it atop of Mt Everest in spite of any improvement or added efficiency sooner or later you will be dead!
 


Picture book follow up.
Candles drawn on were today properly drawn on.




Not often that happens.
 
FAR Limited

Tried to find an existing thread for FAR but browser didn't identify one. If one already exists, happy for administration to 'paste' comment across.

Finished buying in today. I'm seeing this as a potential multi-bagger.
At this price, I can't see too much downside.

* 3D seismic happening: good results will give this company a significant boost
* AP should be drilling Alhamdulillah soon. This target overlaps FAR's Senegal block to some degree (around 25% I believe). The drill is planned for Q4 2012. Once a rig and drill date are confirmed, this should give FAR SP a no-cost 'positive externality' ride in a northward direction. The target is big and keeps things interesting until FAR's own African drilling.
* African drilling to come, hopefully within 12 months.
* Given what we have seen with PCL, this one could be a real sleeper.
* Historically, the FAR SP has been 200%+ when drilling larger targets in the past than current SP.
* Plenty of leverege at these prices.

I have purchased with a 12 month (50% CGT discount in mind). I'll be happy with anything over 200% profit but time will tell.

As always, DYOR.

Bought in at 3.9c ave.
 
Anyone know why their administration costs are insanely high... $1.2m per quarter for admin is going to burn through their impressive cash reserves pretty quick (not to mention the exploration costs)... already 2.15 billion shares on issue... these guys obviously know how to do a good capital raising.
 
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