"i think most of u guys have no idea what you invested in"
I think that about covers it and you could add that even those who did know what they were investing in have found it tougher than expected....
However FAR is a start up minnow in the toughest type of drilling there is , offshore deep water and there are only three options if you are lucky enough to find a commercial discovery in the first place.
Sell out early, that was never going to happen, sell down a % if the price is right, a price if it was offered obviously wasn't right, or you go the full hog which we have done.
At no stage has FAR indicated that it planned to do anything other that to take 13.67% WI to production but was always open to other options if the price was right..the range of funding options was also known years ago and it always involved equity.
We have also known for years that production was many years away ,was always going to cost a fortune and we had no income, so there is nothing that wasn't obvious in terms of the difficulty of the task.
If FAR secures the other funding, and this latest raise would be a requirement to enable it, they have pulled off close to a miracle and now have have a longterm future ahead of them.
I never expected this many share on issue but I also never expected them to buy the FSPO and saw dilution ahead more in the form of a reduction in WI because I didn't think they could raise the cash required. However it seems they will and I would rather see them keep the 13.7% WI anyway.
As is often the case with startups the second mouse gets the cheese, although some mice got in before the trap was set...The Companies survival is always paramount, insolvency is not an option...
Now we await final funding news, PE , which could alter the landscape again and then there's GAMBIA and GB next year.
Nobody said it would be easy and it certainly hasn't been, but the basic information has always been avaliable. For those who dwell on what they think should have been done you are on a pointless quest, it wasn't done and we will never know if it would have made an iota of difference if it had been.
One thing is known, if you borrow large amounts of money it will have to come from the outside and will be on their terms..
Cheers Whisky
(20min delay)