Value post appraisal, page-40

While Farjoy can prevent a compulsory acquisiton which requires 90% of shares, a committed buyer may simply buy a majority stake to assume control. Farjoy's blocking stake is more inconvenience than deal breaker. Should Comoco and/or Cairn bid, they could perhaps offer a 60% premium and I and perhaps 80% of shareholder would accept. They control the asset and operation, so FAR is only a sleeping partner now - the bidder need not fear the business unravelling.
At that point the ASX may ask FAR to delist.
Not ideal for anyone, but it highlights that a blocking stake is not a big deal when this is just a non operating shell.
I think however that Conoco has been very kind already, in swallowing cost over runs, so appears to value its reputation as a good company to work with, and not a predator. With that said, I give FAR 12 months. Once 2P gets close unofficially, if results are good, FAR will be a better investment than spending on exploration. I would happily take 15c+.