excellent post Rocks .................. just one comment and...

excellent post Rocks .................. just one comment and that's your point 4 Financing,

When FAR did the recent CR they stated that it was for the appraisal at that point of FAN but am guessing you are correct in that they will now appraise SNE prior to FAN, the $US48 they raised should be good for 2 or 3 wells ($100m per well x 15%=$15m) as long as nothing unexpected happens ie rig maintenance!!! Also remembering that, with a little luck, the FO should provide up to an additional $8m - $10m cash for past expenses and hopefully this will be completed 1H 2015

Once the appraisal is completed it will give them a better appreciation of exactly what they have got and then (hopefully) FARJOY's will be in a better position to conclude his financing deal ........... re point 12 in his first post combined with his comment in the Aqua emails that his job now as lead shareholder is to find finance for appraisal and PRODUCTION with min share dilution.

IMO this could take FAR into production with very little share dilution and in round 3 or 4 years provide a very good cash flow to allow them to do their job which is finding O & G and lets face it, management have done an excellent job to date.

all IMO and DYOR

hkp