Someone else touched on this and I can’t remember who, so...

Someone else touched on this and I can’t remember who, so apologies for any plagiarism, but there is another possible interpretation of management’s allocation of a reduced option premium and active fixation of a lower exercise price and that is that somewhere deep down they recognise that the character of FAR has changed and that its more akin to an investment company and no longer a spec. Rather, they appreciate that dilution is inevitable, their elephantine prognostications to shareholders will not be recognised until they are proved up and that one way or another the work done* will be more gradually translated into market appreciation over a longer period of time than most of us would like and have priced the options accordingly.

But hey, with their apparent pushing of their extended field identification to CNE (am I right there*), who at least now have publicly recognised that as exploration potential,and though gradual appreciation was the original thesis behind my investing, I can't wait forever and am beginning to hope its the greed is good theory that’s behind it all.

pj

* I had always, in my ignorance, wondered why the JV apparently had to triplicate the workload as a whole, didn’t seem very efficient to me, and I’m sure that many a minority partner would just let the operator get on with it and work on something else, but if what I have said above with respect to the extended field is true (and it is coming firstly from FAR - I don’t actually know that – it’s just that they announced it first) then I have, I guess, answered by own question.