Understatement

"It is exciting to be in a strong financial position that allows FAR to progress all our exploration projects and have the time to bring the best partners to our 2018 drilling plans."

What an understatement that is, there won't be an oil Explorer of our size anywhere in the world at the moment that could claim that...its easy to forget what's been achieved in the last two and a half years and we are now funded through to the most important initial milestone of all, FID, regardless of how many wells are drilled in this round..

FID is when it's confirmed this project is on it's way to development and production, FEED is done, expected life of project development and production costs are known ,reserves booked to date are known and timelines more certain...its when project funding comes into play and larger players can start looking at us with more certainty...the fact this has come with dilution is unavoidable, it's what happens if you want a piece of the pie not just the crumbs and what oil Company wouldn't want a piece of this pie..Elephant pies are renowned for their size but take a bit of time baking..

Also very important in that undertatement is they have the time to find partners for our other 2018 drilling plans...A2 and DJ, should that go ahead and we can't discount other leases either. These are unlikely to require any funding from FAR and possibly a refund of costs to date, so we can sit back and let others check them out for us in 2018, if not before..

Its an amazing position to be in for a minnow in a very tough oil market, we'll cashed up with no debt and a project that is rapidly proceeding, not sitting on the back burner waiting for better oil prices, CNOOC in the background and working with other large players through the JV , all at a time when offshore drilling costs are very low and likely to stay that way for a while...decimated drilling costs and a very efficient rig are a considerable counter ballance to raising cash from a low share price...


We have a Quarterly coming up which will give us a little more insight on drilling plans for this round but the JV may still be making decisions on those...the AGM is always interesting, especially with OOO in attendance, with more insights into Managements thinking but no Material news will be released at a AGM.

The detractors will detract and the extreme rampers will ramp extremely but it changes nothing, the JV and Management will just go about the work required regardless and the share price will reflect the mood of the market on the day...

Cheers Whisky