FAR (ASX) AGM

Originally posted by dodds ↑

At the Oily Bank on Kangaroo Drive (just over the road from Kangaroo Court)..........

FAR to Bank: Hi, we want to borrow some money for a project.
Bank: Sure what’s the project and how much do you want?
FAR: An oil project in Senegal Africa and we need $250million
Bank: Wow, that’s a lot of money. Do you own the project yourself?
FAR: No, we have partners.
Bank: Who are they?
FAR: There is us, Cairn Energy, Petrosen and ConocoPhillips
Bank: Can we please see the certificate of ownership?
Bank: This certificate says Woodside?
FAR: Ah, don’t worry about that - that’s just temporary. In fact we will own that share shortly.
Bank: Excuse me??
FAR: Well Conoco sold its share to Woodside and we are challenging it, and we will own it.
Bank: What court are you going through?
FAR: ICC
Bank: Do you think you will win?
FAR: Yep
Bank: What happens if you don’t?
FAR: Nothing, we will just keep what we have.
Bank: I see.
Bank: What happens if you do win the ICC ruling? Do you have to pay for that Woodside/Conoco share?
FAR: Yes, but don’t worry about that, we have others lined up to help out on that front.
Bank: I see. And who might they be?.....And how much money is involved?
FAR: Well it would be around $450million, but we cannot say who we are talking to as it is confidential.
Bank: I see. Wouldn’t this dispute be pissing some of your partners off?
FAR: I guess so.
Bank: How much money do you have at the moment?
FAR: About $60million.
Bank: Where did you get that?
FAR: We issued shares.
Bank: I see. How many shares do you have on issue?
FAR: About 6.2 Billion.
Bank: Wow, that’s a lot!
FAR: Yeh I s’pose.
Bank: So to understand…You have $60m and you want to borrow $250m. In the background you are hoping to win an arbitration order that would then require you to find another $450m? Also, the make up of your joint venture is not firm... hmm!….Do you have any income?
FAR: No, no income.
Bank: Right…hmm
Bank: Is your Senegal project on track?
FAR: Well some bits are a little delayed?
Bank: Why?
FAR: Not exactly sure. But there is a lot going on…perhaps the ownership issue might be dragging the chain a little.
Bank: I see.
Bank: How is your share price going?
FAR: Not real good, it just doesn’t seem to want to go up. A positive part though, whilst each share is not worth a lot, we do have heaps of shares…as mentioned, a very healthy 6.2 billion!
Bank: Yep, that sure is “healthy”!!
Bank: Do you have any other assets?
FAR: Yep, we have Gambia.
Bank: That’s good. Where are you at with Gambia?
FAR: Well we just drilled a well.
Bank: Did you find anything?
FAR: Ahhh…no
Bank: Oh…that’s no good.
FAR: Was just unlucky. But we will try again.
Bank: What money are you going to use to drill again?
FAR: Ummm…some of our $60m
Bank: I see
Bank: Do you own anything else?
FAR: Yep we have a share in Guinea Bissau.
Bank: That’s good. What are you going to do with it?
FAR: We are going to drill a well soon.
Bank: Wow…You are busy!
FAR: Yep, sure are.
Bank: Where are you going to get the money to drill GB?
FAR: Well, that will come out of our $60m
Bank: I see. Your $60m won’t last too long.
FAR: You’re probably right, but don’t worry about that…we can get more money.
Bank: Where from?
FAR: We will issue some more shares
Bank: Ahh, I see…
Long Pause…………….
Bank: Listen…..we like your Senegal project and would like to be part of it. At the moment though you seem to have lots happening - an arbitration case, your JV is not sure who it is composed of, you are on the nose with at best one of your JV partners, your project has slipped a little, you have significant other activities that will require your cash funds, you don’t have any income, your share price is crap, you have more shares on issue that there are ants in the world, and you don’t know whether you are going to need $250m or $700m (ie. if you win ICC)?
FAR: Correct
Bank: I think I might have to run this past my boss. I will get back to you soon.
FAR to itself: Finance is in the bag!

Above for a little fun .....…(I remain very confident we will get there....and I still have every FAR share I have bought)

dodds

Expand

Fun story Dodds

You forgot to mention that should Far win PE then they will not need to loan money from the bank , and would actually be making a deposit instead of a withdrawal.

No.	Vol.	Price($)
2	48874	43.5¢

No.

Vol.

Price($)

48874

43.5¢

Price($)	Vol.	No.
44.5¢	139667	2

Price($)

Vol.

No.

44.5¢

139667

No.	Vol.	Price($)
2	48874	0.435
3	47704	0.430
1	50000	0.425
1	10000	0.420
2	48894	0.410

No.

Vol.

Price($)

48874

0.435

47704

0.430

50000

0.425

10000

0.420

48894

0.410

Price($)	Vol.	No.
0.445	139667	2
0.450	4065	1
0.455	2546	2
0.460	28472	5
0.465	10481	3

Price($)

Vol.

No.

0.445

139667

0.450

4065

0.455

2546

0.460

28472

0.465

10481

(20min delay)
Last 44.0¢		Change 0.000(0.00%)		Mkt cap ! $40.66M

Open	High	Low	Value	Volume
44.0¢	44.0¢	44.0¢	$54.14K	123.0K


Last 44.0¢		Change 0.000 ( 1.12 %)
Open	High	Low	Volume
44.0¢	44.0¢	44.0¢	18227
Last updated 12.34pm 14/05/2024 ?

AGM, page-45

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