"I assure all of our shareholders that wecontinue to focus on creating andmaintaining long term value in the company."So why do I not feel reassured? Epic fail!
The timing of the Cap raises and one solitary hole in SAMO. I honestly think I could have managed those two issues better.
"FAR is working with the Operator,Woodside, and our joint venture partnersto understand where costs can be cutand payments can be deferred."
"....for anotheryear the Board has used its discretion andnot awarded any STI’s or LTI’s for 2019...."
Very considerate indeed. How humbling and magnanimous.
Show me the heads rolling (including yours) and the paycuts Mr Limb! You and your fellow directors have presided over a cock up of catastrophic proportions and I am talking about pre CV. God knows what you will do next.
Actually, you have laid out a few options (a fire sale or dilution on an unprecedented scale even for this Company).
"Under the Senegal Joint Operating Agreement and RSSD PetroleumSharing Contract, the Group is required to fund its share of theagreed budget approved on 20 January 2020. The Group plans toeither dispose of part or all of it’s holding in the project throughfarmout or sale, or raise additional funds in the form of debt orequity, above the current cash on hand before September 2020."
"The Group executed a settlement agreement on 27 March 2020with each party withdrawing all claims and bearing its ownlegal costs."That is good to hear. Could we humbly ask how much the costs will be however and will they be materially more (I can't see them being less) than the $1m that was proudly stated in the same sentence as a one year arbitration duration?
Are we a going concern?
"Material Uncertainty Related to Going Concern We draw attention to Note 3(e) in the financial report, which indicates that the Groupincurred a net loss after tax of US$21,144,093, and had a net cash outflow from operatingactivities of US$19,280,646 during the year ended 31 December 2019. As stated in theNote 3(e), these events or conditions, along with other matters as set forth in Note 3(e),indicate that a material uncertainty exists that may cast significant doubt on the Group’sability to continue as a going concern."
I sincerely hope that AJ, M and FJ (37% of FAR between the three of them) are applying the blowtorch and sharpening the knives! Losses of A$170m on their collective investment of A$203m should have them focussed on a salvage operation.
Board restructure and BIG paycuts now please! You have your 12 month golden parachutes. Do the right thing.
A little spleen venting goes a long way. Ask Cujo ROFL (even he, with his insightful and analytical commentary, has seen his guava on this).
Trouble at t' mill.......
Where are the lifeboats? (Commandeered by the Board).
Good luck to all. We are going to need it.
Worth a punt at 1c? Hell yeah, Go Cosmo!
Worth hanging in for? IMO yes, the damage is done. I paid for my ticket and I'm taking the ride even it makes me feel nauseous.
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