Keeping tabs on value and history, page-8

I think u'll get some sort of floor, however there will b swings with the SP. Dilution does create surplus volume which is what we noticed with 151 mil trades yesterday.  

For now FAR's Net share of Drilling 6 wells until Dec'16 end is A$101.7mil (refer note 11: latest AnnRep).

The Operator has spent USD330.3mil, whilst Conoco had a book value till Oct'16 of USD285mil.

Going fwd there will b more Capital injection reqd for the Development wells. I think the total estimated budget is apprx USD3-3.5bil as per the slides released by Cairn. This is in line with what was spent for phase-1 at Jubilee for 17 wells etc, USD3.5bil.

For FAR, u can use the Year 2013 as a clear line in the sand.

Until Dec 2013 they've raised A$143.38mil (or 2499mil shares). This was used for their global operations till then, ie Eagle, West Oz, PNG, Beibu Gulf, Kora etc.

Post Jan 2014 is where the movement with the SP & volume started to reflect their findings from Senegal. So including the recent 80$mil, thats a total of A$377.933mil (A$234.7mil from 2830.84m shares) to fund Drilling.

From a 'Bang for yr buck' scenario', they are well placed this time around with this particular project, compared to the pre-2013 day Euphoria/Disappointment that came with Eagle, Kora & Shell pulling out. It isn't everyday u open up a new Basin & attract Majors.

Enjoy the wk'end all.

PS: On the ASX last major epic-Oil Discovery reported was 'Atlantis' by BHP in 2003 with 2P-635mmboe (gross) in the GoM, after 6 successful drilled holes with BP. SNE's gross 2C-641 doesn't look shabby at all.