Sama - Gambia, page-69

[QUOTE="szaba_the_hut, post: 28798205,

FAR is worth 15c.  A successful hole and 30% in Gambia then Malcys dream comes true - 25c[/QUOTE]


Patersons take on it
FAR Limited (FAR), Rec’n: Buy, Price Target: $0.11/share. With FAR’s Senegal drilling program now completed, it feels like life for Mick Jagger at the conclusion of a Rolling Stones world tour -  very quiet compared to what it once was. The joint venture partners are now reviewing potential for further exploration drilling next year within the Senegal RSSD Production Sharing Contract (PSC) area. FAR is also processing the existing 3D seismic data over the adjacent, and on-trend, A2 and A5 blocks, offshore The Gambia for drilling in 2018. At its $80m equity raising back in April 2017, FAR said the proceeds would be used “to fund FAR’s continued participation in the drilling, evaluation and pre-development program offshore Senegal, the…acquisition and exploration of Blocks A2 and A5 in The Gambia, and general corporate purposes” and that “the cash raised is expected to fund FAR through the expected work program for 2017 and 2018 in Senegal”. The joint venture partners also renegotiated some Licence terms for its three Guinea-Bissau blocks, and as such the JV partners are required to drill one exploration well on each Licence by 25 November 2020. The minimum commitment for each Licence is US$3m (gross). Meanwhile, the pre-emptive rights arbitration case bubbles away in the background, and is “progressing as expected”. We expect an update on the RISC audit of the Senegal project and resources for The Gambia Blocks A2/A5 in the December quarter. At 30 September, FAR had A$61.9m with no debt, and expects to spend A$22m in the December quarter.