FAR 12.0% 2.2¢ far limited

Interesting junior oiler

  1. 1,317 Posts.
    Anyone follow this junior oiler from Perth?

    FAR shares have languished at near year lows for some time now but that may be about to change. Far strikes me as having a sensible approach to oil exploration and development with priority being given to establishing a cash flow from its US acreage but with some wildcat drilling thrown in for excitement( for example Argus and Banjo in the offshore Carnarvon Basin).
    Far has had gross sales of about $550,000 for the past two quarters, down a bit on previous quarters as field decline and lower prices impact on revenues. But from 2 August the recently drilled Lake Long ST came on production which by my calculations should add a net $230,000 a month to revenues. So gross sales from the September quarter on could be up to $1 million or more. And Far’s partner in Texas Trio Petroleum is about to drill Rainosek in a proven field so the chances of success should be rated highly. FAR has recently and confidently upped its interest in this lease to 20% so it should be a good money spinner if it comes in. Total proved and probable reserves have been estimated at $A25-30 million.
    In addition to those offshore Carnarvon leases, Far has a small interest in Beibu (China) where a proposal to develop the field based on present finds is being prepared by operator Roc. Far also has interests in PNG, the Canning Basin and that Eagle I well offshore California drilled by Vic Pet..
    Anyone interested in what this stock has to offer should read the company’s press announcements and do their own research. But Far looks pretty good to me at present levels. JBC

 
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Last
2.2¢
Change
-0.003(12.0%)
Mkt cap ! $219.5M
Open High Low Value Volume
2.4¢ 2.5¢ 2.0¢ $7.151M 315.4M

Buyers (Bids)

No. Vol. Price($)
4 3338679 2.2¢
 

Sellers (Offers)

Price($) Vol. No.
2.4¢ 816700 3
View Market Depth
Last trade - 16.10pm 28/02/2020 (20 minute delay) ?
(live)
Last
2.4¢
  Change
-0.003 ( 7.84 %)
Open High Low Volume
2.4¢ 2.5¢ 2.0¢ 60154484
Last updated 15.59pm 28/02/2020 (live) ?
FAR (ASX) Chart
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