Ann: Investor Presentation, page-3

Slide 16 is a gem.

The appraisal program has thus far increased by 2.5 times the number of barrels per share attributable to FAR shareholders - wait for it - adjusted for our increased capital.

Yet the share price has not moved.

It is difficult to reconcile those facts. Some of the imbalance might be attributable to the OP - although that has improved in recent months; some attributable to COP's low-ball sale to WPL. But a 2.5 times discrepancy? It seems to me those analysts with valuations north of 20 cents have got it right. When will 'the market'.

Less heartening in the presentation is FAR's revelation that the VR-1 exploration target is "high risk" but then it also says it has potentially high volumes of oil.

By the way, the market is 27 minutes from the opening and nothing from Woodside.

OOO