Team FAR, page-12

@Hotazel

Hi hot

Agree with your sentiments but to be fair, most if not all of the earlier option issues (and I don't know how many before 2012) would have provided upside in the case of success, but expired worthless and may even have attracted tax on their initial notional value and so come at a small cost (not sure about that, but have noted recent changes in the the recipient's favour which allow deferral of tax in one way or another, something someone else may like to clarify that).

It is, I suggest, only with the rather novel experience of exploration success putting previous options in the money and managements indications and expectations of further success and or takeover at a much higher price, plus the change to a reduced % premium and later manipulation of the date of issue to ensure the lowest practicable exercise price* that the further issue of such options has reared its ugly head. (*there, I've said it again, when I promised not too).

As CV has said in their defence, management perform much useful work inside and outside the JV to protect our interests, minimise share dilution, improve our chances of reaching, in a way that’s best to our advantage, a "potential commercial status" (upon which the options vest - has that quietly happened already? they seem to be listed).........but, as already observed by others, we pay them a good salary for that anyway and ultimately, as @hotdog159 commented we are "just spectators, it's CNE and Conoco's game".

FAR does seem to be doing its best to have an influence on the JV and stir up CNE to get with it, but in the end, its the drill bit and the operator’s resource estimates that will do the talking so the current management option issue does take on the nature of a freebie one way bet, with, even if they do nothing, huge upside if the numbers hinted at by management are correct, but with no "skin in the game" downside attached. At least CNE’s Richard Heaton has been buying shares off his own bat.

As Whisky says, greed and envy perhaps, but I agree, surely no need to issue any more, especially by devious means, they don’t need to and I’m quite surprised at any suggestion in the short term that they might!

pj