I replied in italics
What did you all want them to do? raise at 10c?
Maybe the insto's wouldn't pay 10cents?
Maybe management expected the SP to stay around 12cents, but it didn't and they were forced to raise at a cheaper SP? - no one can accurately predict the SP 100% of the time.
Ok i'll answer this one i expect them to raise capital in a manner which does not detrimentally affect existing shareholders, we have many supposed experts in financing getting paid $600k a year plus free options of millions for doing what the janitor could do, raise at a discount to an already low SP. Score FAIL
I really don't see what you're all so angry about. It is not been 'fan boys', it's about the facts.
AussiePunter, what would you have done? raised no money? not been able to meet JV obligations? We needed the cash, what if the Insto's simply wouldn't pay 10c? I doublt you would raise 60-70million dollars by going to retail investors in this market.
These guys are paid to find investors cornerstone ones, they have found none. No after last time retail investors would have given them the middle finger, and rightly so.
What about the options? do you honestly blame them? I don't. They have done a bloody good job managing this huge find and oil province. I know Michael Evans was the one that found the FAN system but Caths team found the SNE system but more importantly have done a good job at managing the entire project.
Since the farm in really tell me what have they done? hey? CNE are the operator of the lease? COP run the drilling? What are we getting for our what 3 million a year salary bill? Plus free options? You tell me exactly what they have done for this money?
I am not entirely happy with the options issue myself, however, I don't entirely blame them. I would do the same thing if I was in their shoes! and at the end of the day, even though they're getting the shares for free, it is still within their best interests to make the SP go UP because it will make them super rich - so for me, the incentive is still there.
simple fact is we have bloated management that aren't doing anything much except going to see drill ships and tours, all things that can be done via video conference nowadays. Doing half arsed capital raisings with no effort to get cornerstone investors to buy in at a premium!. This is worth free shares? you don't blame them for taking your money? That's what they bank on when they do it.
Given the current announcments / results it looks to me as though FAR's SP is worth around 20cents.
This only includes the value of SNE (our 15%). Things that can significantly change our SP is if SNE or the FANS or BOTH flow into our DF block of which we own 50% with an option to own 75% and we have to make an announcement prior to October 2016 as to whether or not we are going to drill or not.
FAR's SP is currently 8.7 cents not 20 cents not 30 cents not 1 dollar! DF is another issue, its a long shot that we're not in a position to be involved in right now, we cant potentially waste millions going alone in this. Hopefully they can farm it down and keep more than 15%, if that not too much trouble for those geniuses.
Furthermore - we are going to be drilling more SNE wells. Chances are, with each well, our reserves are going to go up and therefore the overall value of SNE (including our SP).
Yes but it seems like 2 steps forward 1 step back now doesn't it? Where was our SP after we drilled Fan 1? 1st oct 2014 it was 8.4 cents Since 0ct 2014 the SP hasn't gone anywhere none of the wells since has helped the SP plus we now have ~2 billion more shares. Can you see why people are frustrated no one wants to be married to a stock forever, and ive been in it longer still.
Then there is the FAN systems. And the buried hills value.
The jury is out on these ones much more money to be spent of these... not right now we cant afford it.
My point is, we now have the money to hopefully further increase our SNE resources and declare DOC.
If the 3D seismics come back showing SNE or Burried Hill type plays in DF (which they have hinted at) then far would be worth a HEAP.
I agree here DOC is the only thing that can end this positively for existing shareholders the sooner the better. COP can take over and either develop or sell, id rather sell giving our managements track record at raising funds. AS for anything elese stick to SNE and sell it as soon as there's a decent offer.
I know everyone says this all the time but I genuinely believe that the next 6 to 12 months really will be something to watch.
We're all watching!
And while I think constructive criticism is a good thing - the key word is CONSTRUCTIVE.
If you want to post negative comments, that's fine. But take the emotion out of it and stop repeating the same negative comments everyday. The SP has not exactly tanked, so if you're unhappy consider selling.
The reverse goes for the rampers, thing the shares are worth 20 cents doesn't make it so, repeating the same it'll be 1 dollar minimum dribble everyday is taxing as well.
If your so happy with the stock perhaps you should consider buying more? Ask management you might even get a discount.
Just my thoughts
AP
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