The Plan, page-13

None.
Not held.
Not heard.

Too much has been made of ‘the SP will look after itself’ quote.

Was it not fair comment? You discover oil. You drill 10 more wells, proving up the resource and adding new discoveries. You build a portfolio of highly prospective targets. You manage this through the worst oil price downturn in 30 years.

Is it not fair enough to think the market will ascribe value to that?

Our MD was merely acknowledging the reality that she cannot create a SP, but only underlying value.

I still think the value will out in the end. 85 million barrels of fully appraised oil - development costs notwithstanding - is surely worth more today than $AUD250 million. Isn’t it?

The most telling post amidst the dross served up recently came from
unknownbystander, who observed the Big Money has not shifted and that the relentless drive to 4.6 cents was on relatively thin volume and questionable trades.

Make up your own mind whether or not unknown is a substantial holder or not. I went back to his/her posting history and the claim seems to have a ring of truth.

It is getting easy to be fearful at the moment. Who wouldn’t be. I do acknowledge our Big Money investors are trapped in the stock. I do acknowledge a PE loss is likely to have bad consequences - I can’t see how it would be ‘neutral’. But - and the buts are strong - finance seems assured, free carry on impending drills is highly likely, and recovery rates in SNE offer great upside on an already strong base case.

It’s a matter of hanging on. For FAR and for us.

OOO