Dear Far Management Team,I am a long term shareholder in the...

Dear Far Management Team,

I am a long term shareholder in the company and like many others, I suspect, find my investment in Far has been a chronic disappointment. Despite that world’s largest oil find in 2014 and subsequent “11 out of 11 successful drills” I now find myself with approx 80%+ financial loss. Can you explain how shareholders have seen negative long term value delivered from this team and whether you feel accountable and embarrassed about this?

(Feel free to ignore the current extenuating circumstances as an excuse and perhaps use 4c as a benchmark for performance at FID and successful completion of “binding finance”, an interesting play on words)

Please consider urgent changes so that shareholders may salvage at least some of their investment from these great successes. I would suggest start with cutting management costs, selling down some Sangomar percentage rather than stubbornly attempt to be a producer without funding and also improve retail shareholder communications (which shouldn’t be too difficult from a low base).

Regards.




Should you wish to submit a question to the Board please email [email protected] with subject heading “AGM 2020 Question” by 20 May 2020. Further details on the meeting can be found on the Investor Centre page of our website.

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