If Norman had simply not entered arbitration against Woodside - an action that was utterly pointless as FAR had no $$ to even attempt to buy Conoco's stake even if they had won - then they would have had project financing sewn up long before the COVID crash and hence would not have become forced sellers. that mistake alone - borne entirely from Norman's poor management - is grounds for firing.
as regards the company today - am surprised by the lack of discussion on Guinea Bissau exit. this is basically a wind-down happening in real time. GB exit without any extra cost is a substantial positive, in my view.
the chances of earning $1 minimum in <12mos here - given zero actual operations to wind down, and just one exploration asset left to exit in some form - seem very strong to me, even absent favorite capital allocation (which remains a priority for me). frankly i think this has a strong likelihood to earn a 50% gross return, minimum, and a 60-70% IRR (through cap allocation or <12mo holding period), with minimal risk of capital impairment, and view this as the strongest trade in my book.
in an uncertain market i am surprised this is still a mid-60s stock. my position is up to 1.6% of the company.
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Last
50.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $46.66M |
Open | High | Low | Value | Volume |
50.5¢ | 50.5¢ | 50.0¢ | $69.83K | 139.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 42971 | 50.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
50.5¢ | 49251 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 42971 | 0.500 |
3 | 37029 | 0.495 |
1 | 5000 | 0.490 |
1 | 42553 | 0.470 |
1 | 3000 | 0.445 |
Price($) | Vol. | No. |
---|---|---|
0.505 | 49251 | 2 |
0.510 | 110106 | 4 |
0.515 | 29416 | 4 |
0.520 | 385246 | 9 |
0.525 | 16505 | 1 |
Last trade - 16.10pm 28/10/2024 (20 minute delay) ? |
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