Ann: Quarterly Activities and Cashflow, page-45

Hmm.  

According to the below summary we had 80 million USD in cash end of first quarter.  Expected expenditure this quarter is 32 million which means our cash will be around 48 million by 30 June.  if nothing changes before the end of the year we will likely fold.

If people are valuing FAR by cash only then we're worth under a cent.  Our only hope might be if they can offload SNE but what can we get?  Is 2.20 a barrel still possible at this time considering oil is lower than the original COP WPL sale?  We have spent more money on this field but it's not currently profitable.

what a mess we're in.

April 30 (Reuters) - FAR Ltd (FAR) :

• DEBT FINANCING NOT PROCEEDING AS EXPECTED DUE TO COVID-19 AND OIL PRICE IMPACT ON DEBT MARKETS
• COST CUTTING EFFORTS UNDERWAY
• SANGOMAR DEVELOPMENT WAS RUNNING US$117M UNDER BUDGET FOR YEAR TO END OF MARCH AND EXPECT THIS TREND TO CONTINUE
• COMMENCED PROCESS TO SELL ALL OR PART OF INTEREST IN SENEGAL RSSD PROJECT IN PARALLEL WITH INVESTIGATING ALTERNATIVE SOURCES OF FINANCE
• COVID-19 AND OIL PRICE COLLAPSE ADVERSELY IMPACTED FAR'S FINANCING PLANS FOR SANGOMAR FIELD DEVELOPMENT
• NOT POSSIBLE AT THIS TIME TO ACCESS SHORE BASE FOR DRILLING AT GAMBIA, SO HAVE SUSPENDED ACTIVITIES
• COST CUTTING EFFORTS, REDUCTION IN SPEND FOR SANGOMAR DEVELOPMENT MEANT FORECAST CASH POSITION AT Q1 END US$74M VERSUS ACTUAL US$80.3M FOR QUARTER
• FOR UPCOMING QUARTER, SEES US$5M OF EXPLORATION AND EVALUATION EXPENDITURE
• FOR UPCOMING QUARTER, SEES US$27M OF DEVELOPMENT EXPENDITURE & US$1.2M IN CORPORATE COSTS