Unless all 3 substantial holders were onboard with a cap...

Unless all 3 substantial holders were onboard with a cap raising, meaning their willingness to participate to lower their respective buy in costs then the raising would be scuttled and the board replaced. I have listed below in order of probability that I think corporate events could take place;

1. Partial or total sale of Sangomar (Management self preservation)
2. WPL takeover
2. Merger
3. Dilutionary capital raising (Goodbye current management)

Far would need to sell down to 5% to stay in the game. Assuming US $65/bbl and little to no debt then FAR's NPV would be circa US $340M or around 5c per share in 2023. A 3c takeover today still looks attractive especially if you consider that any investment in a good quality company has the potential to double in the same period. Obviously if oil is lower or higher then that would affect the NPV calculations also.