Bullying continues !!!, page-8

I'm guessing I would be placed in the Go Team Far stable, kb, but I like to think I'm open-minded enough to question current events. Cutting through all the crap on here, it seems to me:

> Whatever the root cause(s) - malicious or not - the SP is under serious and sustained pressure. This is no surprise. If anyone could be bothered trawling back through my rantings, I warned many months back that FAR would be subjected to immense pressure and that holders would be sorely tested.

> Volumes remain relatively thin; there is no evidence of serious money deserting the ship. Mind you, to a large extent the major shareholders are trapped in the stock by the sheer volume of their holdings.

> More serious money - aka the banks - is lining up to back the project. I can't see the debt servicing being a problem - we are borrowing, what? $US350m? and will generate $US190m p.a. in cash. I recall Chairman Nic saying the project would generate unencumbered cash within two to three years and that seems to be the case. (That said, FAR will doubtless structure debt paydown to retain cash for other purposes - including dividends?)

> SNE's oil is not going anywhere - in fact the JV is doing a good job of reducing capex and operational costs. And don't forget current budgets are being prepared on the most conservative recovery rates - these are almost sure to be a lot higher based on other fields on the eastern Atlantic seaboard.

> I hear what you are saying about blind faith in management, but I am still struggling to see where they have gone badly wrong. (Perhaps with the exception of being blindsided by the COP sale. Particularly if we lose PE, I'm not sure we will ever know if FAR should have foreseen the swifty COP/WPL pulled.)

> We are only where we are because of the Samo duster. Had that well struck commercial oil, you too would be singing management's praises. FAR has now picked up another 10 per cent in Gambia and given the increased prospectivity identified by the Samo analysis, will have little trouble in selling down for free-carried exploration whilst retaining a reasonable chunk of value for itself.

So am I concerned about a 5.0 cent SP? You bloody betcha I am - I'm not an idiot. As an early adopter, my average is a hefty nine cents, so I am miles underwater. I'm concerned about what a loss of PE might do to the stock. Remember, Samo was free-carried, so a duster there wasn't going to matter either.

The value of the SNE field will ultimately win out ... for some players. We just don't know yet if any of the current crop will be left standing when the music stops. I'm betting FAR's board and major owners are tough enough and nimble enough to grab a chair. Be nice to think WPL has to cower away with its tail between its legs.

OOO