Bell Potter valuation $0.27, page-3

From Peter Arden's full report see below. Before GO and Cujo wake up let me just whisper in your ear that Peter's valuation is NOT contingent on winning PE and does include a significant CR over the next 12 months. MMM


Woodside yet to acquire its stake in JV but SNE drilling proves JV is working well
Woodside Petroleum (WPL) announced the acquisition of the 35% stake in the offshore Senegal JV from ConocoPhillips in July 2016 but subsequent statements by all parties have referred to the existence of co-venture pre-emption rights attaching to that 35% stake. It is our understanding that these pre-emption rights have not been settled and, therefore, that WPL has still not formally acquired an interest in the JV. We can understand FAR’s desire to increase its interest in what is arguably still by far the best oil discovery in the world for several years, which is why we understand FAR is continuing to explore the potential to optimise its interest in the JV and it is likely to be seeing considerable interest from a potentially wide range of major oil companies seeking assist FAR with its ambitions as they too are likely to be wanting to gain exposure to such a major and high quality new oil province. Notwithstanding the continuing delay in the JV formalising the sale of the ConocoPhillips’ interest in the JV, we understand the JV is continuing to work effectively as evidenced by the progress with the current drilling program. We would expect that the
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FAR Limited (FAR)
27 February 2017
results of the current drilling program could influence settlement of the pre-emption matter and that it will be settled soon after the results of the current two well program are known.