gee HKP, u sent him on a chase for a delisted company, here's...

gee HKP, u sent him on a chase for a delisted company, here's the gist of what transpired or rather the 'defining moment'.

HDR's SP was drifting along on the back of 10 wells drilled betwn Apr 2001-Dec 2003 after holding the permits since 1996 & subsequent farm out in Aug'98 to WPL.

This changed by Xmas-2003, when they had a 3 decent results in a row. SP broke out from 65c to $1.40 (Dec'03 to Mar'04)

- Oct'03 DST from chinguetti at 15k bopd on a 1.75" choke, plus Tiof oil disc & Pelican gas discovery (hat-trick).
- In wk-1 Jan'04 Commerciality was declared.
- Feb-Apr'04: HDR bought a 13% share for US31mil frm ENI & sold it to BG for US137mil,
- Apr'04: Capraiz'n via Macquarie @ A$1.10/sh & a rights issue thus ending with A$349mil cash in the bank to fund its drilling
- July'04: FID declared, gross reserves of 2P-120 mmbbls booked for Tiof-ching'ti  
- Sep'04: Start 22 wells drilling program with 2 rigs
- Nov'04: Govt takes 12% in the project
- Q4'05: FPSO arrives
- Feb'06: first oil, reserve downgraded to 2P-54 & 2C-23 = 77 mmbbls gross, US$750mil total costs gross.
- Jun'06: PSC revised, US100mil upfront payment to the locals
- Sep'06: Offer from Tullow for $2.02/sh or A$1.471bil for 105 mmboe (timeline >10 yrs)
- Dec'07: Sale by WPL to PETRONAS for A$518.3m

That's basically it. Now, draw a short parallel for FAR, its not as tedious as the above commentary.

FAR farms into Senegal on 20th Jan'06,
- farms out to Cairn & Conoco in 2013,
- twin disc's declared in 2014,
- apprs'l commences in late 2015,
- Jan'16 - 10th anniversary in Senegal with possible DST results from SNE-2 &
- Declaration of commerciality - TBC in 2016 (??) etc etc.

u can guess where the SP will b by then if the stars line up at SNE#2, 3 & B#1.