MC is the only value one can place on a Company ,the shareprice...

MC is the only value one can place on a Company ,the shareprice is just a division of that. IMO MC can be divided into four categories.

1: The current MC placed on the Company which is really the end result of a huge number of factors including the price of oil , the mood of the sector, the mood of market in general, cash position, reserves and resource numbers, income situation, time to first oil , risk and financing to name but a few.

All those thrown into a big melting pot has resulted in a current MC of $430M, a week ago it decided it was worth $480M...go figure, however the range it's been in is reasonable given the above IMO.

2: The value the Company would recommend accepting in a T/O situation and this would have to be a figure somewhere between the current industry value of our resources including the yet to come reserves and the estimated value of the same at production, less costs to get there. Also any value placed on the other assets...

That's a tough one to figure out as the price of oil at production is an unknown as would the proven reserves ... suffice to say it will be considerably more than our current MC but less than we think it should be..

3: Then you have the MC placed on a producing Company , that would revolve around profitability , PE ratios and the price of oil at the time. It would also reflect any success had with other projects..we have to get there first to establish this one.. .

History would show that a T/O or sell out at or near production would likely give most value,you are selling an income producing Company before you discover any issues with production...preferably into a rising oil price...

4: A FOMO induced MC rally, most likely bought on by a major discovery or a bull run in the oil market, always a good time to exit as valuations get extreme...the only likely opportunity for that in the short term is a large commercial strike with A2...failing that a run on the oil markets as we approach production would be very nice....

As of now we sit at #1 hoping for #4 , would take #2 and in my case would also be very happy with #3 , the longer it plays out the more likely the chances of #4....

The reason I'm very comfortable with FAR and always have been , is my belief the Company is worth considerably more than I paid for it , the price I eventually sell at will be the arbitrators final decision , it has been constituted and has no appeal process ...

Cheers Whisky