Hi All Okay, I’ll bite, since I am quite obviously one of the...

Hi All

Okay, I’ll bite, since I am quite obviously one of the cheerleaders referred to.

Full disclosure here. Acting on a tip - it happens, so don’t sook about insider stuff - I invested a few grand at 7.8 the day before the TH for FAN1. I sold half those shares at 14.0 but started buying back at 11.0 when the SNE drill was underway. Figured there was little downside and potentially huge upside if they struck oil again. Ended up with a 10 cent average.

Then oil tanked. Who da thought that could happen!

The rest, as they say, is history. At one stage I needed to rejig my private/super holdings and in the brief trading window involved, fluked selling at 9.2 and buying back at 8.1, thereby reducing my overall average to 9.0. I have a very good annual salary invested at that price.

So, to the question: I’m not stupid - of course I wouldn’t have invested when I did. I would have invested heavily two years later when FAR fell back to 6.7.

I hope you read a lot of sarcasm into that, because it was intended. What a stupid question, to which there can be only one answer. As Whisky said, you can only deal with the circumstances and information you have at the time.

So to revisit the question with that in mind. Yes, I would do the same again and be as comfortable with that decision as I am today. FAR has an extraordinary track record and has built itself a formidable position in the World’s hottest new oil province. Yes, there is a bit of crap to be sorted - the whole COP thing sticks in my craw - but once that happens - win or lose - FAR’s world changes in an instant. With a MC of $AUD450-odd million, but an asset base certainly at least double that and arguably at a multiple, it is impossible not to foresee a scramble amid big oilers looking to snap up a bargain. I firmly believe a serious offer for FAR will emerge soon after PE is put to rest. That in itself will instantly rerate the stock, as would FID if that comes first. Oh, and don’t forget we will shortly - in oil timeframes - drill a prospect Cath believes is a better-than-even-money chance of ‘dwarfing’ (her word) SNE.

You want to knock long-term cheerleaders? Well there you go: I just painted a flaming big target on my forehead.

OOO