Hartleys believes FAR's current price of 5.8c and potential payoff from it's Senegal project makes it an attractive investment.
FAR has a 30% stake in the offshore Senegal project which has the potential of over a billion barrels of oil in place. The other JV partners are Senegal Hunt Oil, the operator with 60%, and Petrosen, Senegals national oil company with 10%.
The project is at the farm-out stage with the company expected to be free carried for the cost of one exploration well. According to Hartley's a 10% interest would represent an upside potential of 150 cents a share.
The company derives annual revenue of $3 million -$4 million from it's low risk US assets. It also has assets in the Beibu Gulf in China.
It's shares slipped 1.2c to 5.8c.
good spec buy reco in todays west
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Last
49.5¢ |
Change
0.005(1.02%) |
Mkt cap ! $45.74M | |||
| Open | High | Low | Value | Volume |
| 49.0¢ | 49.5¢ | 49.0¢ | $4.017K | 8.162K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19637 | 49.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 50.5¢ | 10000 | 1 |
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| Last trade - 13.40pm 26/07/2024 (20 minute delay) ? |
| FAR (ASX) Chart |