Nice post Whisky. I was wondering when someone would mention the...

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adamgus

1,100 Posts.

09/05/15

11:54

Post #: 15247292
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Originally posted by whisky49 ↑

It's natural I suppose to try and seek reassurance on the shares you own but in the quest to do so it's easy to overlook or forget the information and hints that the Company, who actually know the facts, has already given us and as 0oo has mentioned he has no more information to add and if you give thought to the quote below and there are many more, you don't need any more reassurance.

Given that untill appraisal on any prospective Elephant is done they remain off the menu, the below is as reassuring as an Elephant hunter could expect , you are standing on one and in front and behind close by are two from the same herd...off to the left and below you is the first one you came across and looked to be the biggest but needs a bit more work to obtain and grazing all around us higher in the hills and closer to shore are several more smaller prospective ones.....

"The discovery of oil at SNE-1 demonstrates excellent reservoir, seal and trap as well as prolific source intervals, and subsequent to the discovery, FAR has mapped two additional shelf edge prospects (Sirius and Soleil), analogous to SNE, ( LOOK A LIKES IN OTHER WORDS.. ) which are now included in the prospect inventory. These prospects add an additional 305 mmbbls* (gross unrisked best estimate prospective resource) to the portfolio."

And that doesn't include FAN or BH.

As always with O&G companies the only real reassurance on a discovery is a successfull appraisal well and there is nobody out there that can give you that result untill its drilled. We are as well placed as it's possible to be for a small explorer and next week the CMD will probably fill in more detail but the proof of the pudding is later in the year or early next year when the drill bit starts turning...despite what some feel IMO we have been very well informed given the constraints of being in a JV and there isn't a lot more that can be given between now and appraisal other than progress reports...

Cheers Whisky

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Nice post Whisky.

I was wondering when someone would mention the 2 new finds that adds too the previous contingent.

FAR has mapped two additional shelf edge prospects (Sirius and Soleil), analogous to SNE, ( LOOK A LIKES IN OTHER WORDS.. ) which are now included in the prospect inventory. These prospects add an additional 305 mmbbls* (gross unrisked best estimate prospective resource) to the portfolio."

the Operator’s contingent resource estimates were P90 150mmbbls*, P50 330mmbbls* and P10 670 mmbbls*

FAR estimates that on a gross, unrisked, best estimate basis, there is an additional prospective resource* of 765 mmbbls of oil on the shelf over and above the contingent resources in the SNE prospect

In this focus area of the shelf, FAR now maps a total gross, unrisked best estimate of prospective resources of 1,500 mmbbls* with 225 mmbbls* net to FAR. Together with a gross, best estimate, contingent resource of 330 mmbbls* in the SNE discovery, with 49.5 mmbbls* net to FAR. This significant prospective and contingent resource inventory will be appraised and tested with the evaluation drilling program in late 2015 through to early 2016.
Figure 5: FAR update prospect over 3D seismic area

30/04/2015 Quarterly Activities Report

Cheers

FAR Price at posting: 10.0¢ Sentiment: Buy Disclosure: Held
9 Upvote

0 Great analysis

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