further gas shows, page-10

Production Bay Courant (15% FAR) not far away.
Spudding of South Grosse Tete due in a few weeks (depending on drill)

and you have to like this bit in latest announcement also

"Further gas shows up to 200 units (against a background of 20-30 units) were recorded on
mudlogs whilst drilling the interval between 9,735 and 9,745 feet and correspond with a
drilling break.
Strong gas shows were also repeated whilst drilling through the previously reported interval
between 9,310 and 9,455 feet with maximum gas readings of 850 units. Gas cut mud from
this interval was circulated back for 30 minutes."

and this bit

'FAR’s participation in the Welder Ranch deep gas prospect is made more attractive by virtue
of fact that a 17,000 foot test well is being drilled concurrently by another operator at a
location outside (but in close proximity to) the acreage in which FAR is earning an interest.
Should that well prove successful, then an adjacent offsetting well would most likely proceed
on FAR’s adjoining acreage.
Under the terms of the agreement FAR will pay 11.25 percent of the drilling and completion
cost of the first well (the Vaquero #1) to earn a 9 percent working interest in all wells drilled
within the area of mutual interest. FAR is the only ASX listed entity participating in the
project with other interests held by North American entities. The well is estimated to cost
US$2.7 million."

Eagle due to spud April and 189mil shares on issue.
7c strike on options end July expiry which would be worth 7.4mil exercised.
Currently about 1c in the money and you can still buy oppies for around 2c (not for long I would think).

Nothing is ever certain but the risk/reward looks ok to me.

good luck

debono