Agreed they are not able to shout from the rooftops at present but that should change on successful appraisal.
Regarding what if anything we are likely to hear during drilling, FAR said that they would provide regular updates but only report material information when they had sufficient information (and that they are operating under a tight hole policy). So this is reminiscent of FAN-1 and SNE-1. With FAN-1 there were lots of problems reported on (4 reports to market) from spud on 17/4 until suspension and cost overuns were announced on 30/6. Then once drilling started on FAN again sometime after 30/6 it was 28 days until they reported reaching 3,000m (from 2,700m reached previously before SNE top hole was drilled). Then 30 days later oil samples were reported ... nothing in between. Then there was a gap of 41 days before the disciovery was announced. Many of us speculated on how long they seemed to be at TD testing etc. What this tells us though is that we can expect the same this time with SNE-2 .. that is, they may reach TD then do logging etc BEFORE reporting anything. If this is then case it will be interesting to watch the share price action!!!
With SNE-1 they said on 7/10 that the rig would soon tbe moving to SNE-1 to resume drilling and then the next we heard was the SNE-1 discovery on 10/11 ... 34 days later.
So their track record of reporting regularly on progress is not that good! Hopefully they will report on an appraisal well more regularly than an exploration well, but I suspect not!
H
FAR Price at posting:
8.1¢ Sentiment: Buy Disclosure: Held
(20min delay)