Far spreadsheet 500mb table interim DEC 2015 update, page-56

Hi,

I have had a look at the $40 situation as I know it is isn't correct from a sale of interest point of view. I probably should have thought about this a bit more. It isn't economical from FAR"s point of view because of not having money to stump up for share of development costs even in my opinion with a 20% reduction in costs.

At the project level at $40 oil the NPV is $3.19 and IRR 11.22% with field size 330 mill (my sheet with no cost discounts). At a retail level FAR's 15% share is ~$158 mill. Roughly applying a 25% discount to this in a sale and $US exchange adjustment gives about 4 cents / share to FAR. Then roughly double that for each additional 330 mill size.

According to my sheet project level break even is $28 US with no changes to costs.

I will rethink how a sale of interest might work and post some updated share price figures.

DYOR IMO etc