FAR - FAR Limited
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PZ99
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Blue sky Senegalese oil play FAR Ltd has told shareholders all about a planned $US350 million-odd debt raising – but what about its equally if not more ambitious equity offer?
Street Talk can reveal FAR has spent the past week pitching a $251 million equity raising to fund managers, which was to be done via a placement of new shares and help fund its aim to be one of the biggest ASX-listed oil producers.
https://www.afr.com/street-talk/251m-equity-raising-a-bridge-too-far-20191209-p53i1o
In other words... glad I sold
Street Talk can reveal FAR has spent the past week pitching a $251 million equity raising to fund managers, which was to be done via a placement of new shares and help fund its aim to be one of the biggest ASX-listed oil producers.
https://www.afr.com/street-talk/251m-equity-raising-a-bridge-too-far-20191209-p53i1o
In other words... glad I sold
bigdog
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ASX Announcement 10/12/2019 8:51:32 AM Trading Halt (uploaded)
FAR Ltd (ASX: FAR) requests a trading halt in its securities effective immediately pending an announcement by FAR in relation to a proposed equity raising.
FAR Ltd (ASX: FAR) requests a trading halt in its securities effective immediately pending an announcement by FAR in relation to a proposed equity raising.
bigdog
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FAR was my tip on the December 2019 tipping and I was second.
My position will no doubt sink when they trade next!!
No ASX announcement yet; but this morning's AFR article look like has the details!!!
https://www.asx.com.au/asx/statistics/todayAnns.do
Article posted Australian Finance Review this morning
https://www.afr.com/street-talk/far...raising-bell-potter-on-ticket-20191210-p53igo
FAR Ltd launches equity raising, Bell Potter on ticket
Sarah Thompson, Anthony Macdonald and Tim Boyd
Dec 10, 2019 — 9.47am
Oil and gas explorer FAR Ltd has launched a $146 million equity raising to fund its development of an oil field in Senegal.
The conditional placement was priced at 4.25¢ a share, which represented a 12 per cent discount for FAR's five-day volume-weighted average price, according to terms sent to funds.
FAR's shares last closed at 5.4¢.
The placement – foreshadowed by Street Talk – was subject to a shareholder vote in January and receipt of a credit approved term sheet for an underwritten US$350 million senior debt facility by the end of the year.
Bell Potter was lead manager on the raising and was calling for bids by 2pm on Wednesday.
In addition to the $146 million placement, FAR was looking to raise up to $30 million via a share purchase plan, funds were told. Eligible shareholders could subscribe for up to $30,000 worth of shares, offered at the placement price.
The $339 million FAR would use the equity to fund phase one of the Sangomar oil field, in Senegal.
On Monday night, this column revealed FAR had been spending the past week pitching an equity raising to fund managers.
The mooted deal was slated as a $251 million placement underwritten by Macquarie Capital and Bell Potter, according to a presentation sent to wall-crossed investors and seen by Street Talk.
However, come Tuesday morning the placement was $146 million and Macquarie was nowhere to be seen.
906
My position will no doubt sink when they trade next!!
No ASX announcement yet; but this morning's AFR article look like has the details!!!
https://www.asx.com.au/asx/statistics/todayAnns.do
Article posted Australian Finance Review this morning
https://www.afr.com/street-talk/far...raising-bell-potter-on-ticket-20191210-p53igo
FAR Ltd launches equity raising, Bell Potter on ticket
Sarah Thompson, Anthony Macdonald and Tim Boyd
Dec 10, 2019 — 9.47am
Oil and gas explorer FAR Ltd has launched a $146 million equity raising to fund its development of an oil field in Senegal.
The conditional placement was priced at 4.25¢ a share, which represented a 12 per cent discount for FAR's five-day volume-weighted average price, according to terms sent to funds.
FAR's shares last closed at 5.4¢.
The placement – foreshadowed by Street Talk – was subject to a shareholder vote in January and receipt of a credit approved term sheet for an underwritten US$350 million senior debt facility by the end of the year.
Bell Potter was lead manager on the raising and was calling for bids by 2pm on Wednesday.
In addition to the $146 million placement, FAR was looking to raise up to $30 million via a share purchase plan, funds were told. Eligible shareholders could subscribe for up to $30,000 worth of shares, offered at the placement price.
The $339 million FAR would use the equity to fund phase one of the Sangomar oil field, in Senegal.
On Monday night, this column revealed FAR had been spending the past week pitching an equity raising to fund managers.
The mooted deal was slated as a $251 million placement underwritten by Macquarie Capital and Bell Potter, according to a presentation sent to wall-crossed investors and seen by Street Talk.
However, come Tuesday morning the placement was $146 million and Macquarie was nowhere to be seen.
906
PZ99
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6.2 billion shares on issue plus this raise. Sooner or later they'll probably have to consolidate which would be a disaster for holders IMV.
bigdog
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ASX Announcement Equity raising to complete FAR's funding plan for Sangomar (uploaded)
FAR Limited (ASX:FAR) today announces a conditional placement to raise A$146 million at A$0.0425 per share (Placement). In addition, FAR will conduct a share purchase plan to existing eligible shareholders to raise up to a further A$30 million at the same price as the Placement (SPP), together, the Equity Raising.
The proceeds from the Placement form part of the planned financing package to fund FAR's capex to first oil for the Sangomar Oil Field development, offshore Senegal, working capital and transaction costs.
The Placement price of A$0.0425 per share represents a 21.3% discount to FAR's last closing price on Monday, 9 December 2019 of A$0.054 per share and a 12.0% discount to the 5-day VWAP.
PZ99
the 52 week low is $0.045 and market Cap is $339 million
Not looking good for existing shareholders who look like getting smashed!
Just started trading
971
FAR Limited (ASX:FAR) today announces a conditional placement to raise A$146 million at A$0.0425 per share (Placement). In addition, FAR will conduct a share purchase plan to existing eligible shareholders to raise up to a further A$30 million at the same price as the Placement (SPP), together, the Equity Raising.
The proceeds from the Placement form part of the planned financing package to fund FAR's capex to first oil for the Sangomar Oil Field development, offshore Senegal, working capital and transaction costs.
The Placement price of A$0.0425 per share represents a 21.3% discount to FAR's last closing price on Monday, 9 December 2019 of A$0.054 per share and a 12.0% discount to the 5-day VWAP.
PZ99
the 52 week low is $0.045 and market Cap is $339 million
Not looking good for existing shareholders who look like getting smashed!
Just started trading
971
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bigdog
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Cairn Energy reported more than FAR's paragraph yesterday
https://www.cairnenergy.com/news-me...-field-development-in-senegal/#Tabundefined=1
Cairn takes Final Investment Decision on Sangomar Field Development in Senegal
Cairn, along with its joint venture partners, Woodside and FAR, has signed a joint Final Investment Decision (FID) statement, in agreement with Petrosen and the Government of Senegal, at an official ceremony last night with the Minister of Petroleum and Energies, Monsieur Mouhamadou Cisse.
The FID on Phase 1 of the Sangomar Field Development offshore Senegal follows the receipt last week of the 25-year Exploitation Authorisation from the Government of Senegal.
Phase 1 of the development will target estimated 2P recoverable oil reserves of 231 mmbbls (gross). Over the life of the field, total recoverable oil resources are estimated to be approximately 500 mmbbls with the development also planning gas export to shore.
Woodside, as Operator of the joint venture, has completed the purchase contract for the Floating Production Storage and Offloading (FPSO) facility and issued full notices to proceed for the drilling and subsea construction and installation contracts.
The key contractors for the development are:
Simon Thomson Chief Executive of Cairn said;
“Cairn’s discoveries offshore Senegal from the country’s first deep water wells opened up a new basin on the Atlantic Margin. Cairn has operated three drilling programmes and successfully laid the foundation for Senegal’s first multi-phase oil and gas development. Senegal is now an attractive oil and gas province, drawing the attention of the global industry.”
Woodside CEO Peter Coleman1 said;
“We look forward to progressing the project towards first oil in early 2023 and expect that our experience in offshore FPSO developments will support its delivery on cost and schedule.
We are grateful for the ongoing support of the Government of Senegal and will be working with all stakeholders to ensure that the country’s first oil project delivers enduring benefits to its people.”
FAR Managing Director Cath Norman said;
“This is a momentous milestone for the joint venture and the people of Senegal. We thank all of our stakeholders and look forward to the coming weeks and months before first oil in early 2023.”
459
https://www.cairnenergy.com/news-me...-field-development-in-senegal/#Tabundefined=1
Cairn takes Final Investment Decision on Sangomar Field Development in Senegal
Cairn, along with its joint venture partners, Woodside and FAR, has signed a joint Final Investment Decision (FID) statement, in agreement with Petrosen and the Government of Senegal, at an official ceremony last night with the Minister of Petroleum and Energies, Monsieur Mouhamadou Cisse.
The FID on Phase 1 of the Sangomar Field Development offshore Senegal follows the receipt last week of the 25-year Exploitation Authorisation from the Government of Senegal.
Phase 1 of the development will target estimated 2P recoverable oil reserves of 231 mmbbls (gross). Over the life of the field, total recoverable oil resources are estimated to be approximately 500 mmbbls with the development also planning gas export to shore.
Woodside, as Operator of the joint venture, has completed the purchase contract for the Floating Production Storage and Offloading (FPSO) facility and issued full notices to proceed for the drilling and subsea construction and installation contracts.
The key contractors for the development are:
- MODEC, Inc, for the purchase of an FPSO with an oil processing capacity of approximately 100,000 barrels per day
- Subsea Integration Alliance (a non-incorporated alliance between Subsea 7 and OneSubsea) for the construction and installation of the integrated subsea production systems and subsea umbilicals, risers and flowlines
- Diamond Offshore for two well-based contracts for the drill rigs Ocean BlackRhino and Ocean BlackHawk
Simon Thomson Chief Executive of Cairn said;
“Cairn’s discoveries offshore Senegal from the country’s first deep water wells opened up a new basin on the Atlantic Margin. Cairn has operated three drilling programmes and successfully laid the foundation for Senegal’s first multi-phase oil and gas development. Senegal is now an attractive oil and gas province, drawing the attention of the global industry.”
Woodside CEO Peter Coleman1 said;
“We look forward to progressing the project towards first oil in early 2023 and expect that our experience in offshore FPSO developments will support its delivery on cost and schedule.
We are grateful for the ongoing support of the Government of Senegal and will be working with all stakeholders to ensure that the country’s first oil project delivers enduring benefits to its people.”
FAR Managing Director Cath Norman said;
“This is a momentous milestone for the joint venture and the people of Senegal. We thank all of our stakeholders and look forward to the coming weeks and months before first oil in early 2023.”
459
bigdog
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Found this Cairn Energy youtube video about the Sangomar Field Development (4:37 minutes)
-- explains everything about the development through the flow of oil and gas.
https://www.cairnenergy.com/operations/senegal/
Cairn drilled the first deep water wells offshore Senegal in 2014 and made two basin opening discoveries, one of which, the SNE field, was the largest global oil discovery of 2014.
Since then, the region has evolved from a frontier basin to an emerging oil play attracting the attention of the global industry. Cairn farmed-in as operator to its three blocks offshore Senegal in 2013 acquiring a 65% interest in the three blocks with a combined acreage of 7,000km². Since then, Cairn has operated three drilling programmes and has now successfully laid the foundation for a multi-phase development plan of the SNE field.
In 2018 substantial progress was made on the SNE field multi-phase development with a number of key milestones achieved. Our partner Woodside has now assumed the role of operator, as planned, and the Joint Venture (JV) is targeting a final investment decision in H2 2019 and first oil in 2022.
The SNE development concept is a stand-alone Floating Production Storage Offloading (FPSO) vessel facility with a capacity of ~100,000 bopd, with 23 subsea wells and supporting subsea infrastructure. It will be designed to allow subsequent SNE development phases, including options for gas export to shore and for future subsea tiebacks from other reservoirs and fields.
In January 2019, the JV received approval in principle for the technical basis of the SNE Development and Exploitation Plan and confirmation that the licence covering the SNE development area would be extended to allow for the conclusion of FEED and to mature financing activities during 2019 prior to Exploitation Licence award. Separately, the JV has been granted a two-year exploration period extension for the PSC areas covering FAN and SNE North/Spica, in order to undertake further evaluation.
The Environmental and Social Impact Assessment (ESIA) was submitted in 2018 and approved in January 2019.
Project finance has been successfully launched with detailed work underway on financing structures for the JV.
SNE Subsea layout
FEED activities for the subsea contract and for the FPSO facility have been awarded to Subsea Integration Alliance and MODEC International Inc, respectively. Subsea and FPSO FEEDs are now complete.
The JV acquired a high resolution 3D seismic survey in Q2/3 2019 in order to improve reservoir definition and support development well placement.
We have a 40% interest in three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore, Rufisque Offshore) alongside our Joint Venture partners Woodside 35%, Far Ltd 15% and the Senegal National Oil Company, Petrosen 10%.
604
-- explains everything about the development through the flow of oil and gas.
https://www.cairnenergy.com/operations/senegal/
Cairn drilled the first deep water wells offshore Senegal in 2014 and made two basin opening discoveries, one of which, the SNE field, was the largest global oil discovery of 2014.
Since then, the region has evolved from a frontier basin to an emerging oil play attracting the attention of the global industry. Cairn farmed-in as operator to its three blocks offshore Senegal in 2013 acquiring a 65% interest in the three blocks with a combined acreage of 7,000km². Since then, Cairn has operated three drilling programmes and has now successfully laid the foundation for a multi-phase development plan of the SNE field.
In 2018 substantial progress was made on the SNE field multi-phase development with a number of key milestones achieved. Our partner Woodside has now assumed the role of operator, as planned, and the Joint Venture (JV) is targeting a final investment decision in H2 2019 and first oil in 2022.
The SNE development concept is a stand-alone Floating Production Storage Offloading (FPSO) vessel facility with a capacity of ~100,000 bopd, with 23 subsea wells and supporting subsea infrastructure. It will be designed to allow subsequent SNE development phases, including options for gas export to shore and for future subsea tiebacks from other reservoirs and fields.
In January 2019, the JV received approval in principle for the technical basis of the SNE Development and Exploitation Plan and confirmation that the licence covering the SNE development area would be extended to allow for the conclusion of FEED and to mature financing activities during 2019 prior to Exploitation Licence award. Separately, the JV has been granted a two-year exploration period extension for the PSC areas covering FAN and SNE North/Spica, in order to undertake further evaluation.
The Environmental and Social Impact Assessment (ESIA) was submitted in 2018 and approved in January 2019.
Project finance has been successfully launched with detailed work underway on financing structures for the JV.
SNE Subsea layout
FEED activities for the subsea contract and for the FPSO facility have been awarded to Subsea Integration Alliance and MODEC International Inc, respectively. Subsea and FPSO FEEDs are now complete.
The JV acquired a high resolution 3D seismic survey in Q2/3 2019 in order to improve reservoir definition and support development well placement.
We have a 40% interest in three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore, Rufisque Offshore) alongside our Joint Venture partners Woodside 35%, Far Ltd 15% and the Senegal National Oil Company, Petrosen 10%.
604
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PZ99
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Crashed to 3.9c so I topped up. Directors topped up at 4.25c
bigdog
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PZ99
Probably the first time I have seen Cath "buy" shares for $30,000 cash!!
I have been FAR shareholder for about 10 years.
962
Probably the first time I have seen Cath "buy" shares for $30,000 cash!!
I have been FAR shareholder for about 10 years.
962
bigdog
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ASX Announcement today
14/02/2020 9:49:18 AM Arbitration Decision
A very disappointing announcement and a very sad day for holders; they got it wrong.
Bigger holders than all of us will now determine the fate of this organisation and its management. Let's hope whatever that is can be favourable to holders.
SP all time down low of $0.031 for a past 10 years!
047
14/02/2020 9:49:18 AM Arbitration Decision
A very disappointing announcement and a very sad day for holders; they got it wrong.
Bigger holders than all of us will now determine the fate of this organisation and its management. Let's hope whatever that is can be favourable to holders.
SP all time down low of $0.031 for a past 10 years!
047
Last edited:
PZ99
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Surprised it didn't go to less than 3 cents. i guess a hostile takeover is on the cards ?
bigdog
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Woodside made this announcement today
The Tribunal has ordered the parties to provide their views on the next procedural steps arising from the decision within 45 days.
FAR AGM is timed for May 2020
Need to give a strike to the board on the Exec packages
Cap value about $340 million
Is cheap FAR takeover possible!
081
The Tribunal has ordered the parties to provide their views on the next procedural steps arising from the decision within 45 days.
FAR AGM is timed for May 2020
Need to give a strike to the board on the Exec packages
Cap value about $340 million
Is cheap FAR takeover possible!
081
PZ99
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Bit of a mess but I'll tip this silly thing again pn the back directors buying more shares on market and a touch of symbolic suicide
bigdog
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Bit of a mess but I'll tip this silly thing again pn the back directors buying more shares on market and a touch of symbolic suicide
Big spenders our directors!!
Reginald George Nelson $31300
Timothy Roy Woodall $22400
Catherine Margaret Norman $19840
bigdog
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ASX announcements today
727
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Far up 27% today...
Will go far?
Dunno.
Will go far?
Dunno.
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https://www.asx.com.au/asxpdf/20200914/pdf/44mm03zqkb7xxp.pdf COMPANIES have started more clever distribution strategy.
Hence popular markets FAR is not shown.
Hence popular markets FAR is not shown.
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Thanks for the heads up on FAR @Miner . FAR is a company in my never to e traded list due to the humongous number of shares issued.
However, this news is very significant. FAR has decided to sell it's MAIN asset. How can any company continue without it's main asset?
It's no wonder the EOFY auditor included a disclaimer. This will be interesting and I'm happy to be on the sidelines.
However, this news is very significant. FAR has decided to sell it's MAIN asset. How can any company continue without it's main asset?
It's no wonder the EOFY auditor included a disclaimer. This will be interesting and I'm happy to be on the sidelines.