Morning. Just did the insto call (which I don't normally do).
Great presso. Some of it wasted on me - needed Ya there.
A few things;
Cononco want to get to DOC so they can move it from the deepwater sale portfolio into the pre-development bucket (ie not part of the current sale process which I mentioned in my last email and have alluded to before). FWIW, the sale process has been a bit of a dud to date (my view there not FAR's). Mainly because it's an in0line sale of everything (except some gulf of mexico stuff)
JV still undecided re wells 5 and 6. FAR very keen to hang onto Athena and drill both. Downtime on Athena 1% - for FAN it was 70%.
If well 5 drilled it will be the pulsing well. Wells 3 and 4 will be the listening wells. Establishing connectivity is key for DOC (of course).
DOC possible by Xmas if they keep drilling.
Currently about 10mil cash in bank which is good. Cost savings material but not quite a full well (more like half).
The raising will take us through to 2017 (longer if not all are drilled).
Returns looking better than previously mentioned. Not just because costs keep falling. Also because the strong gas drive from the top will mean fewer water injectors required - ie cost savings from fewer wells. Hopefully we'll see more on this at some stage.
Economics looking better as a result.
There was a bunch more but you get the picture.
Good range of analysts and asking sensible questions which is good. Better than past ones I have listened in on.
Just on a personal level, I'm not sure if I'm getting intolerant but some of the d+ckhead commentary on this thread is really annoying me. I guess it's a reflection of what our lovely country has become. A nation of whingebags. By all means express a contrasting view but some of the relentlessly negative hating just pisses me off and reflects poorly. If you don't like the stock sell it and move on. And why flame someone because they're positive on something with a basis to support that? It's just childish.
Anyway, that's it for me.
FAR Price at posting:
9.1¢ Sentiment: Buy Disclosure: Held
