FAR (ASX) Ann: Quarterly Activities and Cashflow

Originally posted by Sojourner: ↑

I stopped following this for a while, and just saw the news.... and all I can say is that shareholders here were all warned about the debt financing deal. Many, many times. Many.

I and others wrote numerous posts questioning the ability of FAR's Dear Leader in securing funding. You had to look at the footnotes in presentations to identify the fact that they were relying on a bunch of critical assumptions to make it all happen. Few of the true believers listened. Many were happy to pour more and more cash into capital raisings and seeking to 'average down'.

And like a house of cards, it didn't take much to blow it up.

This is what you get when you have cowboys for management, playing with your hard earned money. It's easy for them to take a cavalier approach, unnecessarily trying rent seeking games and in the process antagonising very senior partners. All while trying to push the envelope with exploration and then failing, and seeking to secure a huge multilayered debt strategy. In the process, they were earning some truly big dollars paid for by shareholder capital. No, they weren't drawing a modest salary with options to align their interest with shareholders. Apparently you had to pay top $$$ to get top talent. LOL.

And to all those who believe the fall in the oil price is just a short term flash in the pan - you're dreaming. Some shale producers are ready to restart oil production if WTI prices return to as little was $24 - and even then they will still be producing oil at a loss.

Oil prices won't be this low forever, but it will be long enough to ensure FAR is dead, buried and cremated long before it rebounds.

In this environment, there will be very very few buyers for an oil asset off the far reaches of Western Africa - I would suggest there are none other than its operator and partner, who will swoop in and pick it up for a song. Don't get angry with them, it's just business. They're looking after their shareholders and FAR's Dear Leader... well, the less said the better.

I hope all those that have lost on this are able to reflect back on their reactions to those that laid out all the evidence and risks involved, and how FAR's management team added fuel to that fire. I'm sure many will just make up excuses, these events were unforeseeable etc etc... but no, an oil price shock is not unforeseeable. You don't need to predict the exact cause of it, but you can pretty much expect it will happen, and you need leaders that can manage companies to see them through it.

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you just about summed it up. It’s still unbelievable that there Are posters that still show support to this over weighted board.both with the retention of the personnel and rumination packages received.
i would assume the top holders have a game plan and this would play out at the AGM or proceeding it.As the end game goes ,nobody knows but i know it won’t look after the retail share holders.

averaging down wasn’t a bad move as it also opened up the opportunity to profit take if you bought in the lows. This gave the ability to get a capital return and let the rest ride at the casino, which is what investing in FAR is akin to with this management behind the roulette wheel.

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(20min delay)
Last 49.0¢		Change 0.000(0.00%)		Mkt cap ! $45.28M

Open	High	Low	Value	Volume
49.0¢	49.0¢	49.0¢	$10.77K	21.98K

you just about summed it up. It’s still unbelievable that there...

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you just about summed it up. It’s still unbelievable that there...

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