Not a wimper from our T20 shareholders or FAR's finacial "Guardian Angel" Farjoy when they lost millions? I suspect there may have been lot of deals done under the table. Who knows, Farjoy came on the scene in a big way only a day before before news of the FAN 1 success, if my memory serves me correctly. Incredible forsight. Given the size of the SNE1 discovery the question arises about who has been working with WPL for the "stealing" of FAR's discovery from it's shareholders from the very start.
Short selling and CR's to "sophisticated investors"while all legal, made it pretty easy to clean out the ppockits of a lot of "unsophicticated" mum and dad sharehoders. It would be interesting to have an investigation carried out into FAR's finance to FID was pulled early in COVID-19 and not re-approved with the strong recovery in oil prices. The misleading company announcements below certainly caused me to hold a lot of shares, which I would have sold if these announcements were not made.
Shame ASIC doesn't have the teeth to look at any collusion/misconduct between FAR management, T20 shareholders and WPL management in the "easy transferral" of FAR's sharholders SNE1 discovery to WPL.
FAR's not the first minnow to be swallowed up this way after making a huge discovery and would be the last as long as the short celling and CR's are the weapons of choice for the majors with regulatory bodoes turning a blind eye to it.
Maybe someone should organise an online partition to be signed by FAR small shareholders to send to ASIC and their local pollie, as the near 1 billion sting, in my opinion only, on FAR's shareholders is not an insignificant amount of money. Maybe the biggest in ASX history.
As for CN's vast West African Coast Geological knowledge, all she did was drill where Igor Effimoff told shell to drill way back in 2008 in 2008.
https://www.asx.com.au/asxpdf/20090325/pdf/31grj8195f72jc.pdfI wonder in Michael Evans would have scewed things up as neatly as CN has?
All the best Plugged
Discalimer: The above post is just my uneducated opinion only and raises questions I would like asked. It is not based on any inside knowledge or fact. I would love to hear FARJOYs view on the transaction posted on HC. He wasn't shy in the past to post. Please do your own reaserch.
Excerpt from the announcement of the 20th January 2020:
"FAR Limited (ASX: FAR) has taken the Final Investment Decision (“FID”
and received final credit approvals for an underwritten US$300 million senior secured reserve-based lending (“RBL” facility"
and from the same announcement
"FAR is pleased to announce a binding and committed underwritten US$300 million senior secured reserve-based lending (“RBL” facility has been approved by Macquarie Bank Limited, BNP Paribas and Glencore, each to the amount of US$100 million." and "Over the coming months, FAR will conclude the documentation process for the RBL facility, select its preferred provider of junior debt and conclude the necessary funding for the Sangomar project."
(20min delay)