Agreed Tim however the price will be many multiples before the...

Agreed Tim however the price will be many multiples before the results are known.
Then if a failure down she will come.
Odds are always on a failure so manage risk accordingly.
Thats what most punters are doing here.
The odds are that FAR will be free carried with I reckon 30% interest in first well, dropping down to 15% on subsequent (not free carried).
That is what I would think is a minimum.
If any success on first well then write your own ticket even if they get 15% free carried.
I think FAR is a great bet for at least 20c in the next month or so once the operator is announced and some definative drill timings given.
May be a tad later or a tad earlier but it is hard not to see it happening at all.
So if it is a given that it is going to happen, all we need to decide for ourselves is what will happen when it is announced who our new partner is?
Could it be buy the rumour and sell the fact?
I guess if we already spiked to 20c or so it could be but that hasn't happened yet.

Sorry if sounding like a ramp meerkat.

Just my 2c worth on what I think is likely to happen and like most have been wrong plenty of times before.