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FAR - FAR Limited

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ASX Announcement today

FAR 14/10/2015 1:04:42 PM Ocean Rig Athena drilling contracts executed for Senegal
http://www.asx.com.au/asxpdf/20151014/pdf/43225l164pc0s8.pdf

Ocean Rig Athena drilling contracts executed for offshore Senegal
● Drill rig contracts executed for Senegal evaluation program
● ConocoPhillips managing drilling operations
● Drilling expected to commence late October

FAR Limited (‘FAR’) and its Senegal joint venture partners have executed contracts for the use of the Ocean Rig Athena drillship for a drilling program in FAR’s highly prospective offshore Senegal Blocks starting in the coming weeks. The Ocean Rig Athena is under long term contract with ConocoPhillips and the ConocoPhillips drilling organisation will play a key role in project managing the drilling program.
The drillship is currently in Angola and FAR expects it will commence mobilisation to Senegal in the next few days.

The firm drilling program includes three wells including two appraisal wells on the world class SNE-1 oil discovery that will include a coring and testing program, plus one shelf exploration well to further evaluate the shelf area prospectivity. This drilling, logging, coring and testing program is expected to be completed by mid-2016.

The first two wells (SNE-2 and SNE-3 and as shown in Figure 2) will be drilled to appraise the SNE field and are aimed at progressing towards proving the threshold economic field size which FAR estimates is in the order of 200 mmbbls for a foundation project.

The third well in the drilling program will be the first exploration well to be drilled in the blocks following the discoveries in the FAN-1 and SNE-1 wells. This well will be aimed at building the resource base within tie-back range of a possible future hub development over the SNE field. It will be drilled into the Bellatrix Prospect which has been mapped by FAR to contain 168 mmbbls* of oil on a gross, unrisked, prospective resource basis (refer ASX release 13 April 2015) with 25 mmbbls net to FAR.

Following the discovery of the SNE field on the shelf, FAR has applied a 49% chance of geological success to the Bellatrix prospect and notes that the Operator has applied an 80% chance of geological success to the prospect (see Cairn Energy release 12 May 2015). FAR is encouraged by the presence of a strong seismic amplitude anomaly over the Bellatrix prospect that exists over the SNE field which is a strong indicator of the presence of hydrocarbons.

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23/10/2015 Placement and Underwritten Entitlement Offer to raise $40m
http://www.asx.com.au/asxpdf/20151023/pdf/4329y8hxgbh9bx.pdf

23 October 2015
Placement and Underwritten Entitlement Offer to raise $40 million

Overview
• FAR is raising approximately $40 million through an Equity Raising comprising a:
o Placement of fully paid ordinary shares to raise approximately $25 million, and
o 1 for 17 underwritten pro-rata non-renounceable entitlement offer of fully paid ordinary shares to existing eligible shareholders to raise approximately $15 million.
• Offer price of $0.08 (8 cents) per share represents an 11.1% discount to the last traded price of FAR shares and a 9.8% discount to the theoretical ex-rights price (TERP).
• Funds raised will be primarily used to support FAR’s capital expenditure on its large Senegalese oil discovery including:
o 2 appraisal wells on the SNE field, and
o 1 exploration well at Bellatrix that also overlies the SNE field.

FAR Limited (ASX: FAR) (FAR) has announced that it is raising approximately $40 million through a placement of fully paid ordinary shares to investors (Placement) and a pro-rata non-renounceable 1 for 17 entitlement offer of fully paid ordinary shares (New Shares) in FAR to existing eligible shareholders (Entitlement Offer) (together, the Equity Raising).

The Equity Raising is joint lead managed by Royal Bank of Canada (trading as RBC Capital Markets) and Bell Potter Securities Limited (Joint Lead Managers). The Joint Lead Managers have also agreed to underwrite the Entitlement Offer.

Funds raised from the Equity Raising (after costs) will be primarily used to fund FAR’s capital expenditure on its large Senegalese oil discovery including 2 appraisal wells on its SNE discovery in Senegal and a shelf exploration well in Senegal (Bellatrix).

About the Placement
FAR has successfully made a placement of new ordinary shares to certain institutional investors at the issue price of A$0.08 (8 cents) per share to raise approximately A$25 million. It is expected that approximately 312,500,000 fully paid ordinary shares will be issued as part of the Placement.
Shareholders will not be eligible to participate in the Entitlement Offer in respect of any shares issued to them under the Placement.

About the Entitlement Offer
The offer price for the Entitlement Offer is $0.08 (8 cents) per New Share (Offer Price). Under the Entitlement Offer, eligible shareholders will be able to subscribe for 1 New Share for every 17 existing fully paid ordinary shares held at 7.00 pm (Melbourne time) on Thursday, 29 October 2015 (Record Date) at the Offer Price.

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8:56 AM Senegal Drilling Update - SNE-3 starts drilling
http://www.asx.com.au/asxpdf/20160119/pdf/434g2fw074l8kh.pdf

19 January 2016
Senegal Drilling Update: SNE -3 starts drilling

The second appraisal well to be drilled on the SNE oil field, 100km offshore Senegal, has been re-entered and will now be drilled to planned total depth. The SNE-3 well, located approximately 3km south of the initial SNE-1 discovery well, will further evaluate the potential of the world-class SNE oil field.

The SNE-3 well follows the successful first appraisal well at SNE-2 (refer ASX announcement 4 January 2016). SNE-2 successfully flowed oil at 8,000 bbls per day constrained and estimated at over 10,000 bbls per day on an unconstrained basis. SNE-2 appears to have the same high quality 32 degree API oil seen in SNE-1.

The oil flows from the SNE-2 drill stem testing (DST) were important in demonstrating that the SNE field is a world class oil discovery with the ability to flow oil at commercially viable rates as well as highlighting the potential of the upper "heterolithic" reservoir units to make a material contribution to SNE resource and production volumes. This positive result has helped confirm the overall scale and extent of the SNE resource base and is expected to support a future revision of the SNE resource estimates.

The SNE-3 well will be drilled in approximately 1,180m of water to a total vertical depth sub-sea (TVDSS) of approximately 2,782m and is expected to include an extensive evaluation program involving coring, logging and flow testing.

SNE-3 was previously drilled to a depth of 1,755 metres by the Ocean Rig Athena prior to the spud of SNE-2 (refer ASX announcement 2 November 2015). FAR expects SNE-3 to reach TD after re-commencement of drilling and after the completion of coring in the latter part of next month. It is expected wireline logs will then be run followed by a drill stem testing (DST) program.

A key aim of the SNE appraisal program is to progress towards proving a minimum economic field size for the SNE discovery, which FAR estimates to be approximately 200 million barrels of recoverable oil as well as determining flow rates for the planning of a future development. In addition, the BEL-1 well, which will evaluate the untested Buried Hills play to test the Bellatrix exploration prospect, will also appraise the northern portion of the SNE oil field (refer Figures 1, 2). BEL-1 will be drilled after completion of SNE-3.

Senegal JV partners: Cairn Energy PLC (Operator) 40%, ConocoPhillips 35%, FAR 15% and Petrosen 10%.

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With the low price for oil, the FAR share price has been disappointing!!

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Oil price, Tullow, Circle, Sound, Far Limited, Sundry-Chesapeake- And finally...

http://www.oilvoice.com/n/Oil-price...undryChesapeake-And-finally/3ae0fe2a5894.aspx

Extract article related to FAR LImited

Malcolm Graham-Wood
from Malcy's Blog
Wednesday, February 10, 2016

Far Limited

I had the opportunity yesterday to catch up with Cath Norman and Gordon Ramsay of Far Limited, appropriately after their recent announcement. That stated that they had increased 2C contingent resources in Senegal by 42% to 468m barrels and that is not including the current appraisal programme. The programme should almost certainly deliver more good news as SNE-2 had a successful flow test that was choked back and might have been more, indeed the thin sands above the reservoir may be crucial to confirming deliverability. The JV is currently preparing for a DST of SNE-3 which bodes well for the process and a good flow rate here would be further good news. Even better is that at present, the drilling programme is 28 days ahead of schedule and one couldnt rule out that at $1m a day there may be an opportunity for an effective 'free' 4th well. After that it remains to wait for the declaration of commerciality which can't be far away.

Far is funded for all this and whilst one wouldnt want to jump the gun there is enough optimism in the already released figures to make a confident prediction that Senegal will deliver what IHS/CERA described as a 'world class discovery' and is likely the biggest oil find in recent years. Whilst some are playing Senegal through Cairn I have always been tempted to use Far as the vehicle, if you compare the existing finds and the estimated upside potential, it dwarfs the market cap of around A$250m, this is as close to a no-brainer as it is possible to get and is a lock away in my view even in current market conditions.

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FAR 6:23 PM Senegal Drilling Update - Successful SNE-3 flow test results
http://www.asx.com.au/asxpdf/20160309/pdf/435qbchd8qt08k.pdf

FAR share price has been on the rise during the past week!

9 March 2016
Senegal Drilling Update: Successful SNE-3 flow test results
Successful completion of the SNE-3 appraisal well has demonstrated the ability of SNE field upper reservoir units to flow at commercially viable rates and make a material contribution to oil volumes.

Two drill stem tests (DST) have confirmed the deliverability of the upper reservoir units:
• A gross 15m zone flowed at a maximum rate of 5,400 barrels of oil per day (bopd) and a stabilised main flow rate of 4,000 bopd (56/64” choke).

• An additional 5.5m zone was added to the first flow and produced at a combined stabilised flow rate of 4,500 bopd (56/64” choke).

The SNE-3 appraisal well offshore Senegal has been successfully tested and operations have been safely completed following drilling, coring, logging and drill-stem testing (DST).

Flow rates recorded were equipment constrained and exceeded FAR pre-drill expectations.
The tests have confirmed excellent reservoir quality and correlation between SNE-1, SNE-2 and SNE-3.

The SNE-3 results are expected to support a further upgrade of SNE field resource estimates.
The well has been completed ahead of schedule and analysis of the extensive dataset collected is continuing with initial results as follows:
• Two drill stem tests (DST) were conducted within the upper reservoirs, confirming the deliverability of these units. The first DST, from a 15m zone, flowed at a maximum rate of 5,400 bopd and delivered a stabilised flow of 4,000 bopd over a 24 hour period. For the second DST, an additional zone of 5.5m was opened up and combined with the 15m zone to deliver a stabilised flow rate of 4,500 bopd over a six hour period. Both flow tests used a 56/64” choke.
• Confirmation of excellent reservoir quality and good correlation of the principal reservoir units between SNE-1, SNE-2 and SNE-3.
• 144m of continuous core was taken across the entire reservoir interval with 100% recovery.
• Gross oil column thickness at SNE-3 confirmed at 101m gross, showing a similar oil-down-to and oil–up-to depth as seen at SNE-2 of 103m gross and at SNE-1 of 96m gross.
• Initial data confirms the same 32 degree API oil quality as seen in SNE-1 and SNE-2.
• Reservoir units were intersected shallower to prognosis (higher than expected on the structure) suggesting the southern flank of the oil field is more extensive than initially prognosed and will extend further to the south than previously mapped.

This positive result from the SNE-3 well has further confirmed the overall scale and extent of the SNE field resource and demonstrated the ability of the upper reservoir units to flow at commercially viable rates and make a material contribution to SNE oil resource volumes. The SNE-3 results are also expected to support a future revision of the SNE resource estimates.

SNE-3 flow tested a limited zone within the extensive upper reservoir units and SNE-2 included a flow test of the thicker, lower reservoir unit

SNE-3 is the second SNE oil field appraisal well to be drilled in this three well campaign. It is located in the Senegal Sangomar Deep Offshore Block approximately 3km south of the initial SNE-1 discovery well.

SNE-3 was initially “top hole” drilled to a depth of 1,755 metres by the Ocean Rig Athena prior to the spud of the SNE-2 well (Refer: ASX announcement 2 November 2015). After completion of SNE-2, the Ocean Rig Athena returned to the SNE-3 location and began re-drilling the well on 18 January 2016. SNE-3 began its coring program on 26 January 2016 and reached its planned total depth of 2,807m TVD on 31 January 2016.

A key aim of the SNE appraisal drilling program is to progress towards proving a minimum economic field size for the SNE discovery, which FAR estimates to be approximately 200 million barrels of recoverable oil, as well as determining flow rates and connectivity of the reservoirs across the field for the planning of a future development. Flow test results at both SNE-2 and SNE-3 have demonstrated that multiple reservoirs within the SNE field are capable of flowing at commercially viable flow rates and hence, in FAR’s view, this objective of the current three well appraisal drilling program has been met.

Gauges have been set in the SNE-3 well so that the well may be used for interference testing in the future. The well has now been plugged and abandoned as planned before the rig mobilises to the BEL-1 location. BEL-1 will be the third well in the firm three well program and will be drilled to evaluate the untested Buried Hills play by drilling the Bellatrix exploration prospect that lies above the SNE field. The BEL-1 well will also be deepened to appraise the northern flank of the SNE oil field Senegal PSC partners: Cairn Energy plc (Operator) 40%, ConocoPhillips 35%, FAR 15%, Petrosen 10%.

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FAR 9:04 AM Trading Halt
http://www.asx.com.au/asxpdf/20160413/pdf/436h0rzf2pvpgd.pdf

The FAR management do not treat their shareholders well and usually offload the new shares at VG discount to institutional and sophisticated investors


ASX Compliance Pty Ltd
Level 4, North Tower,
525 Collins Street
Melbourne VIC 3000
Dear Kobe,
Request for Trading Halt
FAR Ltd (ASX: FAR) requests a trading halt in its securities effective immediately pending an announcement by FAR Ltd in relation to a proposed equity raising In accordance with Listing Rule 17.1, FAR advises that it:

(a) is seeking the trading halt pending an announcement in relation to a proposed equity raising;
(b) wishes the trading halt to last until the earlier of the commencement of trading on Friday 15 April 2016 or the time when the announcement is released; and
(c) is not aware of any reason why the trading halt should not be granted.
 
This stock is doing stratospheric things at 9.5c - well above its yearly highs.

Just touched 9.9c for a sec... NAB has a target of 12c +
 
  • FAR
  • $0.099
  • +$0.003 (3.13%)
Tue 08 May 2018 3:32 PM (Sydney time


Motley fool reports
Another small cap worth keeping an eye on is FAR Ltd (ASX: FAR). This is one of Credit Suisse’s favourite picks in the oil and gas sector as FAR is closing in on its next catalyst.

The field evaluation report for its SNE project is expected to be handed into the Senegal government by the end of June, which will pave the way for FAR to achieve a number of other value-adding milestones over the next 12-months as it advances its joint-venture oil project in that country.

“We expect the Evaluation Report should see alignment from the JV on scale (assumedly ~100kbbl/d plateau rate), capex, resource size, etc., with FAR indicating capex may ultimately be 25% lower than previous estimates,” said Credit Suisse.

FAR should have a good pipeline of positive news and is also leveraged to the bullish outlook for oil prices. The broker has an “outperform” rating on the stock with a price target of $0.14 a share.

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FAR is looking like a potential breakout to me at this point. 10c has been an important level of resistance for a number of years and FAR is attacking it again today. It has reached a high of 10.5c but the move north needs a little more conviction as there are a lot of sellers between 10.5c-12c.

One to watch.

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BELL POTTER REPORT TODAY

ANALYST STOCK PICKS FOR FY19.
13

RESOURCES
. Peter Arden

FAR (FAR)

FAR currently has a 15% interest in several major oil discoveries it has made in offshore Senegal that are economically attractive and now about to enter the development phase. With 2C Resources of 641 million barrels (Mbbls) (recoverable), the SNE field is still one of the largest oil discoveries in the last four years and along with the nearby FAN discovery (with 2C Resources of 198Mbbls) is nearing a development decision in early 2019.

FAR has also been very active in the adjoining areas, where it is Operator and is farming down to a 40% interest in Blocks A2 and A5 in The Gambia, close to and in the same geological play as the SNE field. FAR has identified the Samo Prospect in these blocks containing P50 Prospective
Resources (best estimate) of 825Mbbls that will be drilled by a well in late 2018 under a favourable farm-out arrangement with global oil major, PETRONAS.

Speculative Buy, Valuation $0.26/sh.

https://www.livewiremarkets.com/wires/bell-potter-analyst-outlook-top-stock-picks-for-fy19

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Breakout for FAR?

At 12.5c FAR is at highs not seen since 2014. No apparent catalyst for today's move but it's on high volume and after approximately a month of consolidation in a tight range between 10.5c and 11.5c.

big.chart-FAR.gif
 
barney said:
Good call again back in mid June Greg …… Hope you had a little on it;)
Click to expand...
Sadly I didn't barney. I wish I had enough capital for each potential trade I see. Although you do have to be careful. As they say, hindsight is 20/20 and what looks like a good trading opportunity at the time may not necessarily turn out to be so.

In this case it did, but I've had a lot of other potentials go the wrong way.
 
FAR is at an interesting juncture right now. Announcement today about spud of the new exploration well Samo1 with a large potential OIIP and 50% chance of success, from memory the recent nearby wells all found oil and who doesn't like a risky oil play when the bourse may be on the fritz.
Some may say a reasonable looking chart. We'll find out by years end.
FAR.png
 
Wyatt said:
FAR is at an interesting juncture right now. Announcement today about spud of the new exploration well Samo1 with a large potential OIIP and 50% chance of success, from memory the recent nearby wells all found oil and who doesn't like a risky oil play when the bourse may be on the fritz.
Click to expand...

SNE has had 100% strike rate and looks huge … but with the phased development, no oil and gas production till 2022 unfortunately.

Samo also looks to have great potential …. FAR have just under $50 million in the bank so plenty of cash to keep things together .....

Only mild negative is the POO looks to be forming a ranging top over the last few months …. maybe "Oilers" in general might tread water for a while until that resolves one way or another??:cautious:
 
High Volume day today as well ….. If the Volume continues and it breaks the recent 14 cent high it could be game on … especially considering the POO is still treading water and looks ripe for a turn off the current lows ….
 
barney said:
High Volume day today as well ….. If the Volume continues and it breaks the recent 14 cent high it could be game on … especially considering the POO is still treading water and looks ripe for a turn off the current lows ….
Click to expand...
Hi Barney
Probably ASX will send a speeding ticket in the morning as share volume is far and beyond the normal level. One reputed expert through his newsletter has been batting for FAR for sometimes so maybe there is some truth on that. I do hold and not complaining at all:)
 
Bad ASX Announcement for FAR holders
upload_2018-11-9_10-24-17.png


9/11/2018 9:15:55 AM Samo-1 well unsuccessful

upload_2018-11-9_10-26-39.png


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