PE failure should be the catalyst for a takeover IMO.
For any predator the hard yards have been done.
With appraisal of the field done and only 3 years to first oil with all contracts in place a major would snap this up for a pittance.
A tier 1 oil project flowing within 3 years is a tempting thought for any major with the prospect of getting another 10% off CNE or more.
Management in their manic obsessiveness led by their managing director that FAR is their baby has resulted in FAR being the pariah of the J/V which has resulted in total wealth destruction for every shareholder.
Anyone who disagrees with that analysis must have their heads firmly in the sand.
All the excuses in the world by the apologists does not rub off.
The facts are there for all to see, a tier 1 project yet an SP at multi year lows.
Meridian doubled their shareholding simply to average down and get out at a profit when the takeover comes.
They are obviously not here for a dividend as the project has 3 stages plus gas, plus more appraisal drilling to come so dividends would be 10 plus years away.
Its obvious to everyone management have taken many wrong decisions to just hang in there
They drilled the wrong target in A2 when SOLOO should have been the objective.
They have, in their manic arbitration, delayed the project and filled it full of doubt.
They were rushed into expensive finance terms for senior debt and still need US100m junior debt to find even though the board are on record 12 months prior they were looking for finance options.
They have failed shareholders, pure and simple IMO and the SP is testament to that.
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Last
48.5¢ |
Change
-0.005(1.02%) |
Mkt cap ! $44.81M |
Open | High | Low | Value | Volume |
48.5¢ | 48.5¢ | 48.5¢ | $4.85K | 10K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 31741 | 48.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
49.0¢ | 200000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 31741 | 0.485 |
2 | 14999 | 0.480 |
1 | 10000 | 0.475 |
3 | 107553 | 0.470 |
1 | 50000 | 0.465 |
Price($) | Vol. | No. |
---|---|---|
0.495 | 1786 | 1 |
0.500 | 15000 | 1 |
0.510 | 25000 | 1 |
0.520 | 326386 | 5 |
0.530 | 101005 | 2 |
Last trade - 10.04am 07/10/2024 (20 minute delay) ? |
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