Ann: Commencement of EP413 Arrowsmith 3D seismic acquisition, page-18

If you were going to point to a mistake that management made during the A2 campaign it was for not doing a CR at 9.5 cents when the market absorbed 100 million+ shares at that time. PCL, MEO and others took the advantage to do that and it gave them funds to go forward .... however if you look at their respective share prices at present it may be difficult to see where the funds went as their share prices are in the toilet too.
FAR has battled poor share prices for years and even now with the elephants that they have discovered the market is still treating their share price with disdain.
Our advantage over them is that we are onshore with pipeline infrastructure close by ..... a huge advantage that is undervalued by the market at present.
Don't write off Arrowsmith as an expensive way forward yet. What it has shown is that we have a hydrocarbon source kitchen somewhere near enough to charge the rocks. If there is a sandstone structure within cooee of this and the 3D seismic finds it we may still be looking at a conventional play initially .... but PM is convinced that the economics of the tight gas will stack up. Especially with the increase in technology improvements which will come from the down turn of prices in the USA as they will be working their rings off to make their wells economic.
Because we are a little bit behind them we will get the benefit from their research and development.