FAR

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49.0¢ far limited

Took them a while to work that out. Nothing has changed other...

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07/10/19

21:40

Post #: 40763600
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Originally posted by ksingh: ↑

AFR snippet..

============

3.29pm – Oct 4, 2019
FAR: Morgan Stanley say uncertainties set to continue

William McInnes

Morgan Stanley has cut its price target on FAR Limited by 40 per cent, saying it was difficult to see the company outperforming until a number of issues were resolved.
The broker also downgraded its price target from 'overweight' to 'equal-weight', saying the uncertainty around project timing, funding and arbitration hearings posed a risk to its share price.

The company's shares were hit hard in November last year after drilling at its Samo-1 offshore well proved unsuccessful.

FAR is currently in arbitration over the sale of a 35 per cent interest in the SNE oil project off Senegal to Woodside Petroleum for $350 million in 2016.

FAR has contended it should have had pre-emptive rights over the stake which was sold by ConocoPhillips for what it considered a cheap price. Woodside maintains the claim has no merit.

Morgan Stanley said the arbitration remains a key concern for the company.

"We expect further news on arbitration by year-end albeit this will continue to drag on and has taken considerably longer than historically guided," said equity analyst Adam Martin.

"Woodside and FAR continue to point to a final investment decision in late 2019, albeit Woodside is holding a strategy day in November 2019 where we expect more news.

Financing for the project still needs to be secured including the Senegalese government securing its portion."

Morgan Stanley dropped its price target on FAR from 10c to 6c.

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Took them a while to work that out. Nothing has changed other than for the better in the last 6 months.

FAR Price at posting: 5.5¢ Sentiment: Hold Disclosure: Held
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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

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