I thought an interesting point in the presentation was the reference to Ophir drilling costs of US$30 million as opposed to Shell's US$65 million.
It should be possible to come up with a JV partner to fork out that sort of money. At that rate FAR could contribute some equity to the drilling of a well itself if it has to AND keep a significant percentage.
If a drill commitment for the second renewal period secures the lease extension then the AUD$12 million cash FAR has in the bank might just be needed for that purpose, even if it does find a JV partner.
They can still pull it off. I guess we'll know for sure in about three weeks time (if not sooner).
far presentation, page-4
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