Ann: Executive Change, page-62

First 62 Last

Share
Profile

Follow
The Mechanic

2,291 Posts.

1019

27/03/22

20:24

Post #: 60453821
Share

Originally posted by dodds: ↑

The management cleanout from this major clusterf*** is now pretty much complete. I too am amazed at the time it has taken for CN to step down (or should I say now having been stood down). Whilst I suspect Nic Limb was probably the main driving force (and decision maker) within the Senegal FAR era, CN was the face of it and when all went belly up she should have stepped down immediately. Not having done so shows her inability to show or accept responsibility...something that is critical for any major level manager. In hindsight what has happened with CN probably could have been foreseen earlier when her preparedness to answer shareholders' questions in the last couple of years totally dried up...this in comparison to her desire to correspond with just about everyone and anyone when things were going well.
The options now available to FAR are interesting, essentially liquidate or continue on as an explorer. I note many like the liquidate option. My view is different in that now we have some fresh people, I would like to see the company continue (assuming the new people believe there is value in the acreage FAR currently holds). FAR is again a very speculative company, but is in quite a unique position of having some good $$'s, no debt, lots of research under its belt, and some more money due in in a couple of years.
I bought into FAR in 2005 and have added to that initial purchase on multiple occasions. My early purchases were always accepting that FAR was a speculative stock (in later purchases the vision became a little different, but here we are now, a lot more dollars invested and very little to show for them...grrrr!).
With the losses that I would incur with a liquidation, and as I still enjoy holding the odd speculative stock, with new management at FAR I am prepared to sit back and see if FAR could finally pull some sort of a victory from the proverbial jaws of defeat. In saying this I believe it is critical for the current management to give a thorough rundown on the company's assets and whether in fact acreage such as The Gambia is truly a good prospect (and not just a desperate "wish"). Comebacks can be possible, if not always probable...in FAR's case they do have some building blocks, whether there is enough I guess it is now up to the new management to advise.

dodds

Expand

I agree and strongly beleive that it is very possible for FAR to recover and come good with a new board, new leadership and new direction, they have a strong bank balance and no debt which forms a sound base for the company to build on. What is important is not to take too big a risk on the drilling of a single oil well, which was previously done on the Bambo well with a 50% interest. If they can farm out the next Gambia well and be free carried, that would be a start, and reduce their interest to 10% only on any such future wells.

Last edited by The Mechanic: 27/03/22

FAR Price at posting: 79.0¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

MTH

Mithril's drilling in Mexico picks up silver at 997g/t, gold at 28g/t

IRX

InhaleRX snags $38.5M in funding from VC biotech funder Clendon

NVU

Nanoveu surges 10% after benchmark testing for new AI chip begins

TLG

Talga Group wins key permit for flagship graphite mine in Sweden

What's causing the cost-of-living crisis, and how to navigate it

M4M

Macro, Norden set up transport solutions initiative for West Pilbara

SNX

Sierra Nevada raises $2M for silver exploration at Blackhawk

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Week 42 Wrap: HotCopper's top picks; new ASX 200 record; world yawns at war

SWP

Swoop lobs $18M offer at microcap telecom Vonex – in which it holds 19.9%