FAR PPrice Target Cut 38% to A$0.025/Share by Bell Potter, page-142

Rolla,

I am NOT sure why anyone would defend FAR management, given the loss the Shareholders have suffered to date.

Or

Try to rewrite a favourable history about what "supposedly" took place, when they don't have copies of the minutes of the meetings.

The bottom line is, FAR management were paid renumerations to manage the company, and were paid very well.

Its their job to manage the risk of the company.

They were the ones who attended JV meetings,

They were the ones who made the decision to lodge legal claims against WPL/COP at an Arbitration Tribunal, and

They were the ones who hired their finance guru - at first, paying between $270k to $390k per quarter for 3 quarters, and then hiring him full time at $625k p.a

Even if one was to accept a worst case scenario - say FAR was surprised by the last minute decision to purchase the FPSO, instead of a Lease, then it is staggering to think that a public company worth circa $600M MC at the time, with a specialist finance hired, couldn't organize finance for an extra $100M for the purchase of the FPSO, within those 3 to 4 months (all pre-covid), especially in light of the all the prior positive press releases the company had issued.

In total, FAR had paid a specialist finance guru for 12 months - 9 months on contract for $1M plus, and thereafter as a full time employee on $625k pa, to organize circa USD $500M in total finance.

All pre-covid.

What was the outcome? Zero finance. Break fee of $2M. And the end result: the company lost money and shareholders lost money.

The other interesting question is: if FAR couldn't organize the above finance within one year, then how was it possible for FAR to organize USD $440M to buy COP's stake within 30 days, some 4 years ago, when it was in the early stages of exploration?

And if they couldn't raise the USD $440M within 30 days some 4 years ago, then why did they lodge legal claims to restart the PE clock?