Latest From Malcy -- FAR, page-10

Malcy corrects blog...

Far Limited

Just reporting an error in Wednesday’s blog in which when discussing the arbitration hearings I messed up. In its update the company made it perfectly clear that a ruling was expected ‘at the end of the year’ and I wrote that it would be in September. As pointed out below it is the post hearing submissions and responses that should be in in September not the ruling, my apologies.
The end June quarterly report from Far is out and makes good reading pretty much across the board. They went into the 2H stronger financially after a raise of $31.5m at 5.5c, a discount of only 1.8% and showing continued support from major shareholders. This gave the company $35.8m of cash at the quarter end. Right now the fast and furious work on the Senegal FEED is happening and the FID for the development is expected in Q4.
Planning and purchasing of long lead items for drilling in The Gambia and Guinea Bissau is being undertaken with plans for drilling in 2020 and the company are finalising the seismic operations on the NW Shelf permit. Arbitration hearings took place in July and post hearing submissions and responses should be in by the end of September with a ruling currently expected by the end of the year.
With Senegal pushing ahead nicely and FID expected this year along with a massive two rig development drilling programme scheduled to start, Far are in a strong position. With at least three other targets as mentioned above for exploration prospectivity there is plenty of upside and once the bits and pieces of news from Senegal are tidied up there can be a newly structured financing plan for the SNE development. At 6.5c the shares have significant prospective appeal and provide an attractive entry point for what is still a very ‘hot’ area in worldwide oil and gas, viz West Africa.