it's spud time, page-32

In my opinion, anyone who has held FAR for an extended period, should almost be running on profit?

Not 12 months ago, the share was running at between 5 - 8c. During the period until now, it has run as high as 17c. If (depending on your strategy) your brought at lower levels, I would think alot of players have taken some profit & therefore reducing risk?

We are now drilling & we can speculate as much as we want, but we will not know until we hit end of hole - we hit oil or we have a duster.

You make the call:

Risk - Duster, SP will drop back & will be rated on other assets. I would suggest between 5 - 6c

Reward - Hit, SP will run, hard. I guess moving up to as high as $1.50. Also putting FAR in the radar for buy-out - Eg. Hardman Story.

How you look at this will depend on your exposure & risk. For me, I have reduced my risk & still hold, almost on all profit...why would I even look at selling now?

I do not agree with the 'farm-out" comments. Noble are a serious exploration / production company with a very good record for sniffing out good potential ground. Noble making a play to move into the AGC Profound lease, for me, is very good news & IMO has been overlooked by the market. Do some reasearch into Noble - very good record.

Any hoot, I am sitting back & enjoying the ride - I would suggest we should have some information by the end of July.

It's time for some black gold...

Cheers