Ann: Change of Director's Interest Notices, page-100

Cujo

I thanked you for creating for me the opportunity to have a very good belly laugh....thanks again.

Its something I havent been able to do lately because of my disappointment with FAR.

We both see the underlying value of SNE...undoubted.

Where we part our ways is in the definition of what makes a great investment...and in today's world we dont have the luxury of a good investment...it must be great to stand the test of time in this very unstable world.

Oil is a commodity with two current faces.... we cant live with out it and an ever growing chorus of people saying we cant live with it. This is a changing environment and I count myself lucky to be smart enough to be able to change as the facts change. I need for FAR to remain liquid at value for me, right now, to be able to exit intact. If the USD collapses then oil will go through the roof....but that requires the FED to throw the towel in and they are far from that position right now.....which means that in the medium term we will be at the mercy of a growing mass of institutions damning fossil fuels....that is the macro view. I can make my own way through that but I want "SP wriggle room" to maneuver adequately.

Now.... I have always believed that our management had what it takes to create shareholder value. You, on the other hand, dont, and never did have any confidence in management and have taken every opportunity to rubbish them.

To have a great investment you need to have more than just a good asset you must have management that can take that asset and bring it to fruition whilst adding value for the shareholders......now even a rudimentary understanding of running a business can allow you to bring the asset to fruition.....you just keep doubling the register and take the new money and spend it on the oil field and bobs your uncle....but your shareholding has now gone from 5 billion to 25 billion and you will have destroyed all value for the owners....but hey! your pay remains the same right? Thats what I call "ST Georges Terrace Scoundrels" ...they perfected that skillset and all the while receiving huge salaries.

Why would anybody invest in just the asset? even more ridiculous is why would anyone invest in a business believing fullwell that they had an ongoing legal stoush that would see the SP halved??? A reasonable investor with confidence in their belief that PE would fail would awaite the outcome and take that as a buying opportunity.

You have always maintained that this management couldnt run a chook raffle yet you bought in....???? I bought in because I know they have solid experience in Africa, exploration and ability to find good ground, successfully bring in moneyed partners and then develop..... my questioning now simply evolves around whether they have done the right thing with regards to the timing of CR dilution juxtaposed against a dogged approach to PE....worst of all a PE being defended by a law firm plucked from Conoco Philips backyard????

Others have posted here with great detail on the merits of CR v Asset selldowns.....others have also posted good research on underlying values....but they all mean nothing if this management keep selling us down the road....

As Rolla succinctly portrays it 'FAR is the vehicle'.

Anyway I got a great laught from you post and I thank you for it....and I hope you do well from this investmment....we both need good luck now because, due to inadequate disclosure we have no real understanding of what this team are really up to. The promise was always there that all would be revealed in the fullness of time....yet here we are with an 8c value and a 2.8c SP...

P$#$@d off?

You bet.