Hidden Agendas

Yesterday I was amazed by hearing the downplay of the takeover rumor from brokers courting FAR for the next raise and FAR management themselves. Honestly if somebody was running the ruler over FAR, do you think they would call them up and say we aren't submitting a bid yet although want to give you the heads up we are thinking about it.....I don't think so. FAR will have no idea who could be considering until it happens.

Surprise Surprise they all want something first before the inevitable happens, capital raise at right price and options at the right price! Isn't odd that both parties say FAR is tremendously undervalued but right now nobody would be interested in us. They then hide behind we need to see the success of appraisal wells before any party would be interested. What rubbish and here is why.
Maybe when oil was 100 and exploration success then carried a premium. ....Risk reward wasn't enough to justify making a play for an explorer until you had 100% confidence for future development. In our situation with have 2C 330m in shallow water and maybe a multi billion barrel oil field. I am not going into detail regarding the math as everybody has done before....but I will say market cap $330m AUD = $260m USD plus we will have cash of $30m USD = EV $230m USD

So for $230m USD you get one amazing de-risked situation! Now everybody says you need to do appraisal drilling, yes maybe....although at this price maybe it doesn't need to happen (have they thought of that) Risk reward it is pretty darn good. I will believe when I see it, although remember if somebody is suggesting they don't believe the rumor, try and understand if they have any hidden agendas.