Well said Chass, although IMO I think there is a missed...

Well said Chass, although IMO I think there is a missed opportunity here for FAR to increase its share value by engaging with all current investors. As the drilling to date has only been encouraging with successful appraisal confirming pool size is larger than thought and flow testing showing commercial flow rates are achievable, a lot of the risk has been reduced.......So why is the company not looking at a consolidation ? Much of the discussion so far has been around retail share holders not being included at the same discount........If we could invest (or more aptly re-invest) in lower risk opportunities wouldn't we ?. The huge amount of holders could provide the funding under a scheme that reduces the overall number of shares out there, increasing the value to all. Surely this is better for all.
No, by appeasing the sophisticated end of the market with discounts is a shame and leaves me cold.

I think the last few months have been handled poorly. Note, we had a raise at near year end 2015 (~4 months ago) and in this time the drill program commenced. Management have been buying which quite frankly amazed me at the time as I thought there would have been a trading black out for directors and employees for obvious insider trading related risks.... A policy not ! We saw the independent reserves report come out after the 1st successful appraisal well with test data followed by the 2nd successful appraisal and then the start of a collapse in the sp which as many have stated and I too believe is weird and not as a response to OP. Shortly after the MD converts 14 million options with drilling ongoing !
And within the space of 3 more weeks (well at the end of the 3rd week) we see a trading halt for a further raise during which there slips out a further update to contingent resources which increases the resource by 20%.................... GREAT NEWS.

IMO this could have been handled much better as management did know that the reserves report was being updated after the prior successful appraisal. This would have been significant and could in its own right have warranted a TH, but that aside, this would have been much stronger news and with the inertia we'd had in sp would likely have increase the price........All the better platform for a raise.

We are a good ways into a drill campaign with better results and much closer to a robust resource that now exceeds MEFS (by a good margin) so exploration risk in this filed is now truly gone. Its now about scale and timing for the JV to move this forward.

And here is the other missing thing......strategy ?
Timing of this raise is still strange to me and the way in which its to be done by dilution leaves me cold.
Now the talk or leak of $70MM raise, if true signifies that "we" are marching to over 4.5 billion shares out there which IMO signals the death of getting any big insto's.

Am I missing something, can someone please help me with the big picture here ?

Can't surely be for lining pockets in the hallowed halls of management and the brokers.