Breaking the shackles

At this current time FAR's market cap can only be somewhat scoped to the value of CNE, and about one third of that at the best. CNE have cash, undrawn loan facilities, numerous leases, and producers in the North Sea. The mass market will take this all into account. There is know way knowing FAR will ever come to true value at SNE alone in the short term as Cairns apart from some side issues appear to me as being heavily undervalued and trading at near a six month low even with Brent floating around the $80US bbl.

When I held CVN through production at Thailand. Their value always sat that 20% lower than Pan Orient. On a great result the next day the rise was according to the spike at POE. But at one stage they're MC exceeded that of the operator and larger % holder, who also held other discovering leases in Thailand, oil sands in Canada, and some extremely large acreage in Indonesia. At that current time Phoenix may have just been a blip on the radar. Years before the discovery. Entry into the ASX 200 sent CVN into orbit. The fall from 80 to 5 cent was enormous, and this was post GFC.

For FAR to obtain their own fair value. A large discovery is required outside the one circle they exist in, and the value can be more or less summed up in comparison to a multiple of oilers who have similar 2P or 2C resources. And won't the big fellas take notice, with the lack of exploration wells in years gone by.

This drill is important in so many ways. Firstly to the nation of the Gambia who really require a great outcome with such limited coastline and so much success that has occurred to the North and South. Secondly it reaffirms the trust in a small but important company that had great vision, and determination to initially gift this part of the coastline. Thirdly, it breaks the shackles of our JV and leads us to more independence and a more serious valuation process. Ä strike here means a lot more than just about "me".

This is an event of mammoth scale, sometimes it's hard to grasp how meaningful this current matter is. An accomplishment here, will lead to the true re-rating we all deserve. Anxious, edgy, tense, and excited are just a few words to sum up the following weeks. Sorry OOO but I played the same coin toss, only with a two headed coin and our results differed considerably. Best of luck to the believers.