Sorry Simon, it has nothing to do with the current VR1 hole. This hole was almost free carry owing to the efficiency gained from SNE-5;
"Due to the efficiencies achieved on SNE-5 well and projected improved drilling performance, FAR estimates that the inclusion of the VR-1 well into the drilling program will have a minimal incremental funding impact for FAR (estimated at approximately A$2-3 million). FAR reported a closing cash position at 31 December 2016 of $47 million. FAR is comfortably able to fund this revised well program of 3 wells."
A CR was always going to happen, it is a publicly listed company which has no income - spending at a reasonable rate.
This cash is for the new purchased leases & further drilling on the current & new leases.
Once again (and more so from the past week) - FAR is one of the best stocks on the market - full stop.
Only upside from here - IMO / DYOR.
Cheers
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Sorry Simon, it has nothing to do with the current VR1 hole....
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Price($) | Vol. | No. |
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0.490 | 10005 | 1 |
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