FAR 0.00% 1.1¢ far limited

ne waller

  1. 1,361 Posts.
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    The operator, AYCO, has advised that the rig contracted for the drilling of the Pitchford #1 well will arrive on site today NOV 7 . Drilling will commence immediately and the well is expected to reach total depth by Tuesday November 11th 2008 (US time).


    FAR has several prospects in North America which could add significant
    value for the Company this year. Two prospects are planned for drilling at NE Waller , which could add 11cps to the value of the Company.

    FAR’s share price has retreated, with many others, in the wake of subprime;
    however, we feel that newsflow over the next 6 months has the
    potential to push the price up to its 12 month highs of 18cps and beyond.
    Newsflow includes: production set to increase from Lake Long and South
    Gross Tete; drilling scheduled in North America that could unlock
    significant value for the Company in excess of its current market cap;
    and news related to a farmout deal for Senegal. We rate First
    Australian Resources Limited as a Speculative Buy.
    hartleys june 2008
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