FAR (ASX) AGM questions

Originally posted by Oddoneout ↑

Hi All

FAR kindly replied to our questions:, noting that none of this information is new:

1. Could you please explain how the CNOOC AMI agreement would benefit FAR shareholders in practical terms with a hypothetical example?

As a result of FAR’s success offshore Senegal, the MSGB basin has now become a hot spot for exploration and we have consequently seen many large companies competing with FAR for available acreage. Because Big Oil are actively seeking acreage at the moment FAR, on its own, is unlikely to be able to compete for acreage award amongst this heavy-hitting competition. By partnering with CNOOC, we can have a seat at the table – this may take some time and we certainly hope that they may join us in drilling a well in The Gambia where we have a data room now open for prospective partners to review. By the way, The Gambia acreage is very exciting, the Sama prospect is shaping up to look very interesting as we integrate more of the regional geological information.

2. What is the company strategy with respect to the exploitation phase at SNE- if DOC is declared in late 2018 is there a plan to fund the development share or is the strategy to sell when the price is right?

At present, it’s likely that the Operator will declare DOC in Q2, 2018. This is when the JV will be looking to submit the development plan to the Gvt of Senegal for approval. FAR has always worked to keep all options open for our shareholders going forward with respect to funding. The recent capital raise sees the company funded through to FID (on current forecast) and we are reviewing our options for funding through development at present.

3. When would appraisal stage of SNE be completed?

FAR anticipates that the completion of the interference test (currently being undertaken) should complete the appraisal drilling on the SNE field.

4. When is Cairn likely to announce DOC? See 2

5. But I think for all shareholders, the Board of FAR should explain to all whether PE is alive or dead; whether FAR will take COP to arbitration; and what it will seek from COP?

FAR has been completely transparent regarding its position with respect to the pre-emptive rights over the COP sale of equity. The right exists and so does the option to arbitrate against COP. FAR will not discuss tactics related to the pre-emptive rights position. Shareholders will be informed as FAR takes its next firm steps to protect the value from the rights.

6. The obligations on the DJ block don't seem to have been met within the specified timelines. Have we lost DJ (to Total/other), did we ever really have it, are they as confused and uninformed as we are or was the 3D shown to have no worthwhile leads?

As previously stated, Trace does not currently have title over the Djiffere permit. Until Trace makes good with title, there is nothing for FAR to farm into.

7. What is the recovery rate and the aerial extent of any 400 series sands included in the 641mmb 2C?

This detail has not been previously released to the market. An average recovery rate for the 400 series sands above SNE that has been included in the estimate of contingent resources to date is between 17% and 19% (as released by the operator)
* Are any of the upper 400 series sands included in the 641Mm 2C? Yes

8. Are you able to give shareholders any reasonable idea on when you see the dispute with ConocoPhillips being resolved? See 5

By the way, Mrs OOO has declared the FAR AGM to be an official social outing, which will probably delay my full AGM report until late afternoon or evening. Between me and others, I'm sure we'll be able to provide you with instant news as it happens. My report will endeavour to add colour and context.

OOO

Expand

Thanks OOO much apprrciated.
One thing that drew my attention was the assertion that Trace dont have title???? Im sorry if I am way behind but I have never heard this before?
When did that happen? How did it happen if the 3 D was done to make sure their commitments were met?
DB

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Last 51.0¢		Change 0.005(0.99%)		Mkt cap ! $47.12M

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50.0¢	51.0¢	50.0¢	$14.24K	28.37K

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