latest hartleys research, page-7

27 Sep 2011
Share Price: $0.027
6mth Price Target: $0.077
We rate FAR Ltd as a Speculative Buy with a price target of 7.7cps.
Fig. 8: Summary Valuation Asset Value ($m) Value (cps)
Senegal 178.1 _ 7.9
Guinea Bissau 20.0 _ 0.9
L6 – Kenya 60.0 _ 2.7
L9 – Kenya 30.0 _ 1.3
Jamaica 25.0 _ 1.1
WA 10.0 _ 0.4
Net Cash* 25.0 _ 1.1
O/heads -5.0 _ -0.2
Option Adj 7.0 _ 0.3
Total 350.1 _ 15.5


28 Nov 2011
Share Price: $0.025
6mth Price Target: $0.116
We rate FAR Ltd as a Speculative Buy with a price target of 12cps.
Fig. 18: Summary Valuation Asset Value ($m) Value (cps)
Senegal 139.6 _ 6.7
Guinea Bissau 13.5 _ 0.7
L6 179.8 _ 8.7
L9 112.5 _ 5.4
Jamaica 51.3 _ 2.5
WA 20.0 _ 1.0
Net Cash* 22.0 _ 1.1
O/heads - 5.0 _ - 0.2
Option Adj 2.0 _ 0.1
Total 535.7 _ 25.8

Why is Jamaica twice as valuable now, has there been new data out?
What happened in Kenya to warrant 3-4 fold increase?
Is below the only reason why these figures have changed so much in the last two months?

“Hartleys has completed capital raisings in the past 12 months for FAR Limited (“FAR”), for which it has earned fees. Hartleys has also provided corporate advice within the past 12 months and continues to provide corporate advice to FAR, for which it has earned and continues to earn fees. Hartleys is acting as Corporate Adviser to FAR in its friendly off-market takeover of Flow Energy Limited for which it will earn fees.”