every dog has its day

Come on kids....cheer up

Lets break it down and assume FAR is divided in 3 different companies:


Company 1) FAR West Africa - 1 bill shares on offer

Holdings:

> Senegal 90% operator - multi bill targets with all 3D seismic already paid for, ready to drill with good as free carry from AP’s $80 mill drill next door in overlapping target (20% stake of half bill boe target)

> Guinea Bissau: 240 mill boe discovery with 500 mill targets identified. 3D paid for and ready to drill to test if commercial

> AGC Profond: Participated in one deep sea well. Several other large targets identified. I billion barrel oil discovery nearby

> Cash on hand $9 mill.

> Todays market value 4.8 cents


Company 2) FAR East Africa - 1 bill shares on offer

Holdings:

> Major stakes in blocks L6 & L9 surrounded by multi bill targets and old 2d seismic showing potential multi-bill targets. These blocks are right in the middle of one of the hottest spots on the planet at present.

> Cash in bank: $20 mill to cover 3D which IMO will confirm multi-bill targets

> Todays market price: only 4.8 cps


Company 3) FAR USA, Australia & Jamaica 500 mill Shares on offer

Holdings:

> USA producing approx. $1 mill per year from oil & gas sales. Several large leases holdings including Eagle discovery

> Jamaica 50% stake(Huge untested acreage with multi-bill targets with oil seeps evident in area)

> Australia: 100% stake in several blocks on the North West Shelf - proven oil & gas reserve area

> Cash: 3 mill in receivable due from China lease sales

> Todays market price: only 4.8 cps

Summary: IMO anyone of these companies on their own with an IPO would be worth well in excess of 4.8 cps

While todays FAR has a large shareholder base the above shows the substantial size of this company. The wide base provides built in redundancy to support the SP with failure in different areas, while success in either the east or west will see this take off.

Put your hand up if you think the Kenyan 3D seismic won't show huge targets later in the year. For my money we will see great results with JV offers rolling in.

Before we judge FAR's new management too quickly, they had the connections and negotiation skills that have placed these blocks in FAR's hands. You pay for what you get and if this sees FAR drilling a 500 to 1 bill+ boe target in 2013 with success I'm sure all shareholders will thank the day they took over from ME.

FAR (or anyone of the 3 hypothetical companies above) all have the capacity to put a $ sign in front of the SP over the next few years. Love him or hate him ME has put the company in that position. It's not easy to find these blocks and then hit oil. Personally I'm pleased we have a larger experienced management team with African connections taking over FAR, as a concern I have held was what would happen to FAR if something suddenly happened to ME.

Time to relax and let the cash on hand and the quality African offshore blocks to their thing over the next year. Maybe it will be a multi-bill wildcat find off Jamaica as it is in the GOM vicinity or a TO too good to refuse.

Nice to sleep though knowing FAR is in a sound financial position and though it may have a dogs label its nice not to be grouped with the PIGS in a tough world economy.

Never a dull moment as a FAR shareholder.

Good luck to all

PDYOR