So called manipulation, slow going, page-100

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gridder

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29/02/16

16:41

Post #: 17145719
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Originally posted by Mike R ↑

Yes in my opinion FAR should forget about any immediate plans for a further credit raising.
They should also inform CNE & COP it is their preferance to now put the breaks on after the forth hole and demobilis the rig !

FAR need to inform the JV they are getting low on funds, mainly as a direct result of their "tight hole policy"
If the JV wish to continue FAR will pay their share of the funds after the THP has been lifted and results to date have been announced. This will then assist with any capital raising deemed necessary by FAR to cover the agreed additional costs. FAR should also request COP and CNE give urgent consideration to this request to avoid any delays, additional costs incurred or disruption to the present or planned offshore activities.
This is the sort of attitude IMO that FAR need to adopt to get cooperation, assistance and understanding from the JV partners.
In the meantime we should all just sit back and watch the share price go up and the TO offers come rolling in.!

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Mike

Unfortunately Joint Ventures don't work this way. As a junior partner we will, by fact of having a minority interest, be voted against if both COP and CNE wish to continue on with drilling. This arrangement has been a long time in the making and I am certain that FAR will be fully aware of their ongoing financial responsibilities. I feel confident that results of SNE will be announced fairly soon and most likely, prior to any thoughts of FAR announcing a CR, or any other form of capital raising that takes their fancy.

FAR Price at posting: 9.0¢ Sentiment: Hold Disclosure: Held
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