Funny how sentiment has changed. Where there was initial scepticism with the CR there now is a swing to a feeling of missing out on a slice of the action. Nothing like the potential of a few Billion barrels of oil to stir things up once interest is shown by those that can afford to drill.
Personally I'm looking forward to bigger things than the difference between 7 cents & 5.8 cents.
My next milestone is set at FAR hitting 458 mill boe at Kora Q1 2011, which Rocksource rate at better than 50% supported by CSEM.
I find it ironic that while waiting for Shell's Senegal CSEM results, the AGC Profound CSEM results were released which at the time I was hoping would be repeated in Senegal. When the Shell results came back inconclusive, I was thinking it would have been great to be in the Ophir camp. At the time I was also expecting the Shell CSEM results back to shareholders would have been similar to the comprehensive coloured diagram graphics of the Ophir CSEM results.
Instead all we got for a $6 mill survey, was basically a couple of sentences stating inconclusive & ME making a statement that Shell has a history of leaving something on the table. A year later here we are partnering Ophir at Kora, extending the Olive branch needed for Senegal.
I still have my reservations on how much energy (bad pun) Shell put into analysing Senegal CSEM results & find it interesting that Ophir have looked at the Shell results previously & are now looking at partnering FAR in Senegal. Have to ask if Ophir have had Rock Source's CSEM specialists analyse the Shell CSEM survey? Has Ophirs DD on FARs CSEM results produced similar coloured displays to Koras & if Koras drilling proves the CSEM results than were off to the races in Senegal. At the end of the day regardless of what happens as an FAR shareholder I would still like to one day see the Senegal CSEM results graphically illustrated as per the Ophirs CSEM survey results.
Anyway IMO if you've held onto your shares after the Shell debacle then next year is looking good, much better than the 7.0 cent to 5.8 cent ratio offered by the CR, especially after tax considerations.
With the large acreage FAR hold offshore WA, success at Kora could well see healthy TO bids for the FAR Minnow in Q1/Q2 2011? Thoughts welcome.
Cheers
PDYOR
FAR Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
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