Well another year almost over and the older you get the faster they seem to evaporate it seems, so what's changed in the world of a FAR shareholder...
For starters I'm still living in an underwater cave having surfaced for air on a couple of occasions before sinking back down, I'm getting seriously wrinkled on top of the wrinkles I had already..
As a longterm holder that in itself is not an issue, it's the price I sell at that matters and also what's been achieved during the year..however like everyone else black looks better than red in the books..perhaps this coming year..
Much to my supprise on looking at the 12 month chart the shareprice a year ago was 6.9c so anyone holding a year ago is up 15% ( much the same as the price of oil) and thats despite the dilution related to the CR...so at least us underwater dwellers are closer to the surface.
Apart from the shareprice being up what has else been achieved during the last 12 months..a lot it so happens..
1: It started with SNE 5 a successfull appraisal result.
2: Next came VR 1 which established thicker a better quality sands in the 500 series sands and proved the Aptian has no commercial oil.
3: Then we secured the Gambia lease , probably the highlight along with interference testing results.
4: Next cab off the rank was the AMI with CNOOC UK.
5: Then the GB licence update.
6: followed by the oversubscibed $80Mil CR.
7: Along came SNE 6 which established very good connectivity in the 400 series sands a most important result for SNE.
8: Then came FAN south with yet another discovery but something for the future.
9: Then SNE North, yet another discovery with interesting results and again something for the future , that was also the last of 5 wells drilled all under budget and under time..
10: Between the last two wells we filed for Arbitration and responded to WPL's lame attempt to tell the world that the Arbitration would slow the SNE process down.
11: We then had a GB update.
12. A RISC report on Gambia
13: lastly an update on Gambia.
Also over the year our Register was strengthed considerably, so a very busy year achieving a huge amount in securing a longterm future for FAR...
It averaged an event a Month , plus many other updates and presentations putting to rest any complaints on shareholders not being informed on what's going on IMO...the only things we don't know are things they are not in a position to tell us anyway...sprinkled with liberal doses of rumour and fake news in between....
There was one item that was expected and highly anticipated but didn't make the cut, however the RISC report will come and it will start the next 12 months off well along with a Farm out of A2..
So a fantastic year for achievements , how many minnows can claim to have been part of 5 successfully offshore wells in lean times, including two new discoveries while snagging a prime acreage next door and climbing into bed with CNOOC...
it's been a modest year for the shareprice but we are now set up for probably the most important year for FAR to date which will finally establish the direction we take and will include the results of PE , drilling of A2 and how we plan to fund SNE, if indeed we proceed down that path...everything appears slow looking forward but looking back a huge amount has happened in 12 months..
Because of the nature of turning oil discoveries into income they are longterm projects with much expentiture front loaded, so the potential always lies ahead, this is made worse if you have no other income and are a small player in a JV during a slump in the industry...FAR are doing amazingly well given those headwinds, it just doesn't feel like it sometimes...
Anyway FARites I wish you a Merry Christmas and a prosperous New year we have a very good forum going here despite the ups and downs...
Cheers Whisky
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