I did very much the same calculation on Monday when the 2C was announced. Yes disregarding everything else that is fair. Th $60m cash will be spent converting the 2C to 2P plus Bellatrix etc, so its more relevant in a takeover. FAR remains attractive to the big players probably up to US$5/bbl for reserves replacement (once 2P is declared) and beyond that it depends entirely on the oil price environment and future expectations.
H
FAR Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
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