*FAR Price Target Cut 40% to A$0.06/Share by Morgan Stanley, page-42

What is a realistic figure FAR could go for?

8 cents – no hope. Some major holders will be under water

10 cents – slim profits. Nothing to show for years held. Unlikely to interest anyone but short term holders

12 cents – a profit although poor for many. Those who bought at 6 cents this year will line up with smiles on their faces. This might be accepted grudgingly by others who have been worn down.

15 cents - Probably accepted by all (with a few exceptions).


I think 10 could be offered as a starting point – be rejected by many and end up between 12-15 as a final figure if offers were to be made. This is assuming prior to PE results and no additional drilling in the Gambia. Price could easily get to 12-15 on success in either PE or oil in the Gambia and higher if success in both but that’s IMO