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Mr.Hustler

5,718 Posts.

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24/08/17

15:59

Post #: 26733204
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Originally posted by Roya Pandi ↑

From our MD...

I post this for those who doubt FAR management teams commitment or ability to deliver... FAR will deliver, if your nervous and impatient, you know what to do...

"Many thanks for your email.

Further to Ian’s comments below, I attach some FAR thoughts for you.

By Cairn’s admission, they have not included the results of the interference test (SNE-5 and SNE-6 wells) into their new resource estimates. Hence, their pessimistic view of the recovery factors has not changed and hence why their numbers differ from FAR’s still. If you remember, back in May, Richard Heaton said they expected the recovery factors to double and stated clearly in Tuesday’s presentation that they had not done the work yet so the recovery factors have not changed. Encouragingly, our gross view of the reservoir is very similar.

We are actively involved in all decision making in the JV. The numbers that Cairn released on Tuesday are NOT JV agreed numbers (neither resources, costs, NPV). We have JV meetings in the coming month to seek JV alignment where all of this will be debated.

CNE and WPL are working closely together as stated by Simon Thomson in the CNE presentation on Tuesday. It is not an ideal situation whilst the ICC action is unresolved but it has been WPL and COP tactics from day one to bully us into submission. We are not letting this situation go uncontested but it’s a delicate balance as you can no doubt appreciate.

I hope this helps to add colour to the answers to your questions. With respect to the tight hole policy, this only applies whilst we are drilling and have incomplete knowledge about well results that could be misleading to release to the marketplace. The days of a day by day or week by week detailed update of drilling activities are well over. It is industry wide practice now not to do this and widely supported by various exchanges. There is nothing sinister here, just making sure that correct and complete information is released to the market (in a timely manner of course).

Judging by the email traffic this morning, there is a lot of frustration at the FAR share price. We share the frustration completely."

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Thanks Roya, pretty much confirms my previous statement of waiting on FAR's release.

Still a bit surprised over all the panic. Guess all the work to spread doubt by the shorters, traders etc is working and they are picking the low hanging fruit so to speak.

Back to sleep.

FAR Price at posting: 7.0¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last 49.5¢		Change 0.005(1.02%)		Mkt cap ! $45.74M

Open	High	Low	Value	Volume
49.0¢	49.5¢	49.0¢	$4.017K	8.162K

Buyers (Bids)

No.	Vol.	Price($)
1	19637	49.0¢

Sellers (Offers)

Price($)	Vol.	No.
50.5¢	10000	1

View Market Depth

No.	Vol.	Price($)
1	19637	0.490
2	30000	0.485
4	89930	0.480
2	70000	0.475
2	78150	0.470

Price($)	Vol.	No.
0.505	10000	1
0.510	129688	3
0.515	2239	1
0.520	79910	2
0.525	30000	1

Last trade - 13.40pm 26/07/2024 (20 minute delay)

FAR (ASX) Chart

From our MD..., page-2

MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

Nine's staff strike as Paris Olympic coverage begins

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

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From our MD..., page-2

Top Stories

MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

Nine's staff strike as Paris Olympic coverage begins

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

Featured News

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Sellers (Offers)

Featured News