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Uboy

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09/10/14

10:05

Post #: 14098092
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Originally posted by Uboy ↑

Love the quotes from the brokers: 21c fair value

http://www.theaustralian.com.au/bus...ts-oil-discovery/story-e6frg9lo-1227084301352

FAR hits right notes with its oil discovery

THE AUSTRALIAN

OCTOBER 09, 2014 12:00AM

FAR Limited (FAR) 14.5c
FAR, a long, long way to go?
The sound of music to investors’ ears, a mob called Farjoy yesterday upped its FAR stake from 7 per cent to 10 per cent in a $10 million plunge.
Headed by Tim Robertson QC, Farjoy is a family trust and started buying in June when the stock was at 4c apiece.
Hypothetically, we speculated about whether brother Geoffrey might be involved in this bold punt on this Senegali offshore play producing the good oil. But Lette’s just say the famed advocate and his author wife are not in on this caper.

FAR shares yesterday surged 4.5c, or 45 per cent yesterday after Tuesday’s revelation of a “significant” oil discovery at its offshore FAN-1 well.

FAN-1, drilled to almost 5km in 1.4km of water, has unearthed what the operator Cairn Energy refers to as a 950 million barrel resource, based on 50 per cent probability.
The second well, SNE-1, targeting 600 million barrels, is due to be spudded shortly.
Having farmed out interests to operator Cairn and ConocoPhillips, FAR has a 15 per cent stake and is free-carried to the tune of $200m across two wells.

Dubbing the discovery as “fantastic”, broker RFC Ambrian ascribes a 21c a share fair value to the stock.
Ord Minnett plumps for a “mid-case value’’ of 20c a share and notes that FAR is well positioned to raise capital for additional appraisal wells.
Criterion is wary of previous hyped-up offshore programs that ended in tears, such as Tangiers Petroleum’s duster in Morocco and Neon Energy’s Vietnam efforts.
FAR shares traded at 3.5c a month ago and, unlike the decent oil, haven’t gone undiscovered.
In deference to family Robertson’s intimidating collective IQ, we ascribe a hold call.

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Meant to say, FARJOY getting some notoriety around town too

Classic smart money positioning.
FAR Price at posting: 13.5¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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(20min delay)
Last 49.0¢		Change -0.010(2.00%)		Mkt cap ! $45.28M

Open	High	Low	Value	Volume
48.5¢	52.0¢	48.5¢	$101.9K	200.6K

Buyers (Bids)

No.	Vol.	Price($)
2	48741	48.5¢

Sellers (Offers)

Price($)	Vol.	No.
49.5¢	1786	1

View Market Depth

No.	Vol.	Price($)
1	41741	0.485
1	5000	0.480
1	10000	0.475
2	65000	0.470
1	50000	0.465

Price($)	Vol.	No.
0.495	1786	1
0.500	15000	1
0.510	25000	1
0.520	226386	4
0.530	1005	1

Last trade - 15.59pm 04/10/2024 (20 minute delay)

FAR (ASX) Chart

FAR News Coverage overnight, page-2

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Buxton projects new graphite province discovery at WA Narryer play

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

BCI reaches close of funding facility for salt-first part of Mardie project

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

FAR News Coverage overnight, page-2

Top Stories

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Buxton projects new graphite province discovery at WA Narryer play

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

BCI reaches close of funding facility for salt-first part of Mardie project

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News