ann out

[quote]Shareholder update


FAR Ltd has received a number of shareholder enquiries about the current drilling program in Senegal and
future plans in Kenya.
FAR is currently drilling the first of two potentially high-impact exploration wells offshore Senegal, with its joint
venture partners Cairn Energy of the UK, ConocoPhillips of the USA and Petrosen the Senegalese national oil
company. The well spudded last Thursday (reference: FAR ASX release 17/04/2014) and kicks off an exciting
year for FAR shareholders that will see up to five exploration wells being drilled by the company.
Of these five wells, the first two are being drilled back to back offshore Senegal and funding for these two wells
has been provided in the form of a carry and cash payments made by Cairn Energy and ConocoPhillips
(reference: FAR ASX release 17/04/2014).
A third farm out to the Milio group of companies early in 2014 (reference: FAR ASX release 04/02/2014)
resulted in FAR being fully carried through an onshore well and onshore seismic program due to commence in
June 2014. The well is expected to be drilled early 2015 once a final drilling location is selected from the new
seismic data. This carried program applies to the onshore portion of Block L6, Kenya where there is strong
potential for discovery of gas and a near term gas to power development opportunity. FAR retains a 24%
interest in the onshore part of the Block L6. In the offshore portion of Block L6 where FAR currently has a 60%
interest, FAR is currently progressing a farm out initiative for drilling an offshore well. The recent Sunbird-1
discovery well drilled by the BG Group in the nearby Kenya Block 10A targeted a Miocene reef structure. The
Miocene reef play extends along the coast of Kenya and through both of FAR’s offshore blocks, L6 and L9. With
the very encouraging Sunbird-1 well results, FAR anticipates strong industry interest in its L6 farm out
opportunity.
The fifth of our planned wells is offshore Guinea Bissau where FAR has assessed significant upside potential
around the existing Sinapa oil field contained in the company’s licences (reference: FAR ASX release
05/02/2014). The joint venture will continue to monitor the current political climate in Guinea Bissau as an
election process is currently underway. Drilling is currently scheduled to commence in March 2015.
As at 31 March 2014, the company had a cash balance of $26.6 million and no corporate debt.[/quote]



Good update ...just reassuring the market of the current position that most people were already aware.

Let's see what the next few weeks brings .. hopefully the shorters have finished having their fun!