whats far worth post kora - 7.7c

http://www.far.com.au/IRM/Company/ShowPage.aspx/PDFs/1437-94716941/FARAGMPresentation

page 3/32

enterprise value $116.3m

So FAR believe they are currently worth $116.3m

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So lets do the math....

cash $36.1m

plus $6m due from the sale of China Beibu Gulf asset

total $42.1m

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page 28/32

Sinapa 240mmboe discovery FAR 21.43% WI & 15% Equity

240 x 15% equity x 25% recoverable x $6 per bbl =

$54m

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total $42.1 + $54m =

$96.1m

$96.1m / 1245.351164m shares =

0.077

so i make that around 5% discount to current sp

.................

So IMO Kora is already priced in....

especially with sp declining from 0.12 recently.

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No upside potential priced in what so ever,for any success from our licences...

"FAR has acquired 3D seismic data across its projects with unrisked prospect potential (P10 STOOIP) estimated > 9 Billion bbls gross?"

nothing....nada...zilch....zero

...............

No upside in the current sp for the potential of a 800m oil column against the exisitng 500m column for the Sinapa oil discovery..... (60% potential extra pay)

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I expect a knee jerk reaction to the sp when the trading halt is lifted, but do not be spooked into thinking this is worth only $0.02 -0.04.....

It's worth around the current sp without any exploration success ...

Research reports expected the sp to be c0.17 prior to Kora hitting TD & with the well containing no hydrocarbons would of retraced to c$0.08 - 0.10...

If the market over reacts and plays silly b*ggers, then I see a golden opportunity to add @ ridiculous, bargain basement levels.

AIMHO

Dicko