It is a real shame the FAR has done so much by doing all the...

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joseph1652

4,770 Posts.

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15/09/20

09:51

Post #: 47342783
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Originally posted by hardmano: ↑

The auditors were not willing to sign off on the goong concern requirement because the sale of Sangomar equity remains uncertain in terms of timing and amount. That's obviously what this ASX inquiry is about. Its a compliance issue. May just require FAR to state more clearly their expectations regarding the sale.

KKW et al ... I don't expect anything good from FAR anymore. I have stopped dreaming that somehow there will be a good result. Best possible outcome that I can see is that FAR sells sangomar interest and survives to drill The Gambia. But even that will require a farmout partner so once again we are at the mercy ofv the difficult O&G market conditions.

I wish it were otherwise. In hindsight I should have realised FAR was in serious trouble when the JV financing collapsed and the costs increased substantially. And more recently when a CR was done on the basis of FID and financing being locke din ... and it wasn't.

This has been a sorry tale of VERY bad strategy, very bad toiming and then an element of bad luck. As I said some time ago FAR should have sold some equity in Sangomar years ago and thus avoided both the need for financing and the need for low priced CRs.

Its been a disaster frankly and I am over it ... although still holding as there isn't much alternative.

H

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It is a real shame the FAR has done so much by doing all the ground work and discovering ,one of the worlds biggest oil field ,only to has the big sharks biting pieces of it till there is not much to bite .
It is a dog eat dog world ,and yes management did not help much ,to busy feeding them self .
I just hope the s/h will end up with some scrums .

FAR Price at posting: 1.1¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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