Originally posted by kbrown4515
I don't blame FAR management for SAMO result.
That's the industry, we knew the risks, and unfortunately things didn't go to plan.C'est la vie.
What I find frustrating is the lack of foresight to consider next actions if it was a duster.
It's been 3 weeks since SAMO results, here we are at 6.6c again, more than 50% drop in SP (some posters flip and flop saying we are related to oil price or not depending on the weather - but oil has decreased less than 30%, less for 2022) and what do we have from FAR - a tweet (of course) showing some executives looking blankly at some cliffs and maybe a cryptic email to a shareholder about some bidding going on plus a brief video update that didn't answer any questions or give further info.
Not good enough. Get your act together as the SP once again is not looking after itself (as once was naively thought).
5th Xmas in a row for disappointed shareholders. Good to see a lot of the bulls* has disappeared about the $1 party and some realism set in perhaps. Back to boring PE speculation which is really just guessing.... Shouldn't all be despondent but Mr Market need to hear What Next from FAR.
KBrown its why I had hoped they would drill the other targets in this programme......I guess though their model is completely wrong so back to the drawing board. The sp was always going to crash with a duster nothing management can say will change that. Fact is last time FAR was at this price oil was at today's price.....FAR is way undervalued today but is being hit from 2 fronts....a duster at the worst possible time....oil down 30%, and well a duster. Its pretty easy to see why the sp is where it is.
I personally could not understand those that bought back in within a couple of days of Samo....the sp was only going south because there is nothing except booking of reserves and hopefully some detail around funding once the exploitation plan is approved.
The oil code is pretty clear IMO and we should see a DOC from the JV on approval as well....you can't book reserves without a DOC IMO. DB
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