Ann: Remus takeover offer not proceeding, page-26

I have still voted NO.....despite the REMus takeover cancelled !

We do have a choice.
Vote NO.

1.6c /share is way too low for Sangomar. 5 billion barrels of oil.
My calcs have WPL getting this Sangomar field for approximately 2c per barrel of oil in place.


Here are the figures....I will recap.
Sangomar has approx 5 billion bbls of oil.
FAR has 13.5%.
cost of oil is a measly $22 /bbl from first oil.

First oil ...FAR's share is 13670 barrels of oil per day from phase 1. ( this amount increases later)
Selling that oil at merely $42 /bbl yields close to $90 million per year.

I think that is very conservative figures.
FAR would easily be able to service any borrowings with even the lowest of oil prices.

Vote NO to the sale to Woodside.
Let's keep Sangomar and stay in the project.
Let's make the directors work to obtain the finance...they should have already obtained to continue with Sangomar.
That is what they(the directors) should be doing now!

The Oil in place should be revalued by financiers higher than the covid19 2020 levels.
The recovery has started.
I cannot see why they cannot obtain finance now or funding by other means?

1.6c sale to WPL is a crazy sale.
Just vote NO to it all.
The sale at this price...It is madness.