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FAR - FAR Limited

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Re: FAR - First Australian Resources

The advantage of these kinds of prospects is that the Geology tends to be well understood (as opposed to say the highly fractured Canning Basin), discoveries are very quick to bring online and they're nice and close to existing infrastructure meaning smaller finds are economic.
 
Re: FAR - First Australian Resources

A little bit faster than last week.It should be finished at the end of Jan.

DRIILLIING UPDATE: WEII-6-12W-1 EXPLORATIION WELL,, BLOCK 22//12,,
OFFSHORE CHIINA
Roc Oil (China) Company, a wholly owned subsidiary of ROC, advises as at 0600 hours
(local time) on 16 January 2008, the Premium "Murmanskaya" jack up drilling rig is
currently drilling a 12-1/4" hole section at a depth of 1,684 mBRT.
The forward plan is to drill ahead to 1,860 mBRT to set 9-5/8" casin
 
Re: FAR - First Australian Resources

Well we got updates on

Beibu Gulf China: Everything seems to be progressing but at a slow and steady pace


We also finally got the AMU related SGT update, which as I said mentions gas shows in the upper section which I would think upgrades the prospectivity of the lower target which is the one that matters to FAR

However given the blood bath today, its no wonder that the market doesn't care
 
Re: FAR - First Australian Resources

YOUNG_TRADER said:
We also finally got the AMU related SGT update, which as I said mentions gas shows in the upper section which I would think upgrades the prospectivity of the lower target which is the one that matters to FAR
Click to expand...

From the ann: "The above revision to the Schwing #2 well (in which FAR has a 5% working interest between surface and 14,500 feet) means the current wellbore will not be used at a future date to test the deeper Wilcox formation"

I read this as saying they wont be drilling the potential $1ps in this well (greater than 14500ft) So upside is now 4cps max for this well

S
 
Re: FAR - First Australian Resources

Oh snap,

I didn't see that,

Thats a bit dissapointing that we'll have to wait for the testing of the deeper Wilcox formation,

But like I said, the early gas shows in the shallow section upgrade the prospectivity of the deeper section
 
Re: FAR - First Australian Resources

That was my understanding as well Young-Trader. I would love to see them go beyond 14500 but it is not on the cards. I have been holding for 18mths now. Topped up the other day at 12.5c......can see a real company maker in Senegal. In the mean time, should be news from China next week and 2 or 3 other 3D seismics due before February. Should see some price movement soon even if the US is severly impacting the market. Notice that FAR hasn't dropped down to the level it did when the sub-prime news was first released to the public in August 07. Pretty safe around 12c I believe, for the time being anyway. Bring on the news........... jd
 
Re: FAR - First Australian Resources

In the oil game, there's always going to bigger, riskier targets deeper. A commercial find in the shallow section isn't a bad outcome at all if it has a reasonable payback period. One in the hand vs two in the bush and all that... I'm not reading it as a disappointment at all.
 
Re: FAR - First Australian Resources


It sounds to me that they've got enough going in the short-medium term at least, and despite what has been happening in the general market, FAR has hardly moved, staying at around the 12.5c, 13c mark. I think the current annoucement means that it will take a little longer before there are going to be any siginficant upwards movements of the sp, but given that they have quite a few projects running at the moment, I think there's a high chance of very good gains for the patient shareholders.

Having said that though, I'm not buying into this stock - I'm not sure if I'm allowed to do so.
 
Re: FAR - First Australian Resources

Does anyone know when we are expecting news from senegal as
I see this as the company maker.

I would appreciate any comments on this company...
 
Re: FAR - First Australian Resources

Georgeb said:
Does anyone know when we are expecting news from senegal as
I see this as the company maker.

I would appreciate any comments on this company...
Click to expand...

Hi George,

All I know is that the Sengal reprocessing/target sizing results were due about 2-3months ago, so as with most overdue resource company announcements my best guess would be anytime now, I know this isn't much help but the results are overdue.

Maybe try and give the company a call, their number is listed on the company web page and is also on asx ann's

Cheers

p.s. Keep an eye out for the Beibu Gulf program results
 
Re: FAR - First Australian Resources

Last I spoke to CH it was Q1 08, but essentially it's ready when it's ready. Give it a month or two, but unless it comes with a rig and/or a drilling program I don't expect it to do a lot for FAR on the upside for a while yet.

Results of the first well in the latest Beibu program, SGT shallows and NE Waller seismic (and possibly a drill date and farm in) will be out in the next 20 trading days.

Slightly longer are more detail on Canning Basin and ofcourse Senegal. Keep an eye on Apache after the wet for Little Joe/Duomonte.
 
Re: FAR - First Australian Resources

Hi Georgeb & others,

News on Senegal was due by end of December 07. Keep in mind however, that FAR is in partnership with Hunt Oil (a private company) and they don't have share holders to keep happy. FAR is waiting for the news from Hunt. Shouldn't be too far off.

This is a brief precis of a very recent recommendation from Stock Resources: (1 or 2 weeks ago)

"FAR is entering an exciting period when it will reveal interpreted targets from a number of seismic surveys including offshore Senegal. Meanwhile a new drilling programme in the Beibu Gulf has a high potential for further discoveries in this region."

Also close to receiving results of 3D surveys at Wild River (Alberta) and NE Waller (Gulf of Mexico) and will look to promote prospects emerging from these surveys at NAPE in February 2008. North American Prospect Expo (NAPE) is on in Houston Texas on 7 & 8 February 2008.

They expect farmout by Hunt Oil & FAR to drill Senegal & if like Hardman will receive 10 fold increase in SP.

Stock Resource expect results of these announcements to stimulate market interest.

Wireline logging results expected from Schwing #2 Well, South Grosse Tete, Iberville Parish, South Louisiana next week.

Beibu Gulf entire drilling programme is expected to be completed by the end of 1Q 2008 and will attract a strong market interest in the participating companies over this time period.

Extremely positive recommendation to buy from Stock Resource.

Good times for FAR ahead!!!!!!!!!

jd
 
Re: FAR - First Australian Resources

Thanks for the post...I need to read something positive today!!!

Still happy holding FAR. Yep hopefully news is what we are all hoping it to be.
 
Re: FAR - First Australian Resources




Hi folks,

FAR ... "22012008 ... positive news expected here" .....

..... news comes in, right on time ... as forecast above, on 08012008 ...

So, from our time cycle analysis, we expect to be in a positive period for
FAR, until the 3rd week in March 2008.

happy days

paul



=====

Part of today's announcement, after the closing bell:

Commenting on the announcement, FAR’s executive Chairman Michael Evans said:
“Completion of 3D processing at NE Waller is another step forward in FAR’s transition to
prospect generator in the gulf coast. We are pleased to have multiple targets to add to our
2008 drilling inventory and display to industry partners. Eagerly awaited results for our
other initiatives in 2007, including Senegal and Wild River, are expected to follow shortly in
what promises to be a watershed year for FAR.”

For information on FAR’s drilling activities visit our website at www.far.com.au
 
Re: FAR - First Australian Resources

Good announcement out today - 50bcf prospect coming out of the Wild River seismic.

Also, so the far website for http://www.far.com.au/files/research/Hartleys%20research_Jan08.pdf new research put out by Hartleys. They believe the Senegal seismic will be out in advance of NAPE.

Hartleys have valued FAR on a risked basis between 22-42cps with an unrisked valuation of 298cps.

Interestingly, Wild River was valued on a risked basis at 1.4 - 1.9cps based on 10.2bcf recoverable. The identified prospect is 50bcf.
 
Re: FAR - First Australian Resources

24 Jan 2008 18:19 Change of Director`s Interest Notice
Warwick Robert Grigor,one of the directors,sold 1m@11c
on Jan 22.Dissapointed!
 
Re: FAR - First Australian Resources

stu_lee44 said:
24 Jan 2008 18:19 Change of Director`s Interest Notice
Warwick Robert Grigor,one of the directors,sold 1m@11c
on Jan 22.Dissapointed!
Click to expand...
Could be a forced sale due to a margin call; even company directors can't escape those. It's not like he sold out at the top.
 
Re: FAR - First Australian Resources

Hey rub,

Yeah agree, very strange that he sold at or near the lows,

Whatever the reason it doesn't inspire confidence
 
Re: FAR - First Australian Resources

I'd be very happy to be proven wrong, but my impression is that Grigor has always been a bit of a tag-along. I'm sure he's very good at what ever it is he does, but I have my doubt that he does much for FAR.

Given he sold on a market driven low despite a lot of recent news flow, I'm guessing he was funding a margin call or something like that.

In short, I wouldn't worry - Grigor doesn't mean much to FAR. Most of the shareholder-value stuff is a product of Evans and Cavness.
 
Re: FAR - First Australian Resources

far ann out, update on senegal, grigor isn't exactly your run of the mill director but i note he still has approx 9-10 mil more shares

cheers
 
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