Mbawa Discovery Adjacent to Two FAR Blocks - Buy
We are upgrading FAR Limited (“FAR”, “Company”) from a Speculative Buy to a Buy based on its large exposure to offshore Kenya, where the Mbawa gas discovery was recently made in Block L8. FAR has a 60% operated interest in Block L6, immediately adjacent and to the north of L8, and a 30% interest in Block L9, immediately adjacent and to the south of L8.
Well Positioned for Huge Re-Rating, with Additional Catalysts
FAR has exposure to likely further drilling success offshore Kenya, where it has two blocks adjacent to a play opening well in the region. Additionally, activity adjacent to its Senegal acreage could result in a further re-rating by early next year. News related to farm-outs on both coasts of Africa is also probable.
We have upgraded our recommendation for FAR from a Speculative Buy to a Buy and have increased our price target from 13cps to 17cps.
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- far a huge buy now, sitting pretty, derisked
Mbawa Discovery Adjacent to Two FAR Blocks - BuyWe are upgrading...
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Last
46.0¢ |
Change
-0.010(2.13%) |
Mkt cap ! $42.50M |
Open | High | Low | Value | Volume |
47.0¢ | 47.0¢ | 46.0¢ | $70.53K | 152.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 161924 | 46.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
46.5¢ | 1519 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 161924 | 0.460 |
2 | 60000 | 0.455 |
5 | 268578 | 0.450 |
1 | 30000 | 0.445 |
2 | 35000 | 0.440 |
Price($) | Vol. | No. |
---|---|---|
0.465 | 1519 | 1 |
0.470 | 121519 | 4 |
0.475 | 6667 | 1 |
0.500 | 3792 | 2 |
0.600 | 3176 | 2 |
Last trade - 16.10pm 19/06/2024 (20 minute delay) ? |
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Shanthar Pathmanathan, MD
Shanthar Pathmanathan
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