FAR Reported its Seismic Survey results on WA-458-P

FAR Reported its Seismic Survey results on WA-458-P

On 24 January 2019, FAR Limited (ASX: FAR), an oil and gas exploration company has announced that they have safely and successfully completed seismic survey on WA-458-P.

During the last quarter, the company concluded stakeholder engagements with CGG to join in Davros Extension Multiclient 3D Survey. In mid-December, the company received a Notice of start of acquisition from CGG as the MV Geo Coral began its mobilization from southeast Asia. After a brief port call, the vessel started deployment of in-water equipment on the route to the survey area.  

After the end of the quarter, seismic acquisition across permit WA-458-P had begun. In mid-January, the company safely and securely completed the survey, and the company expects to receive the final processed data in H2 2019.

The company is excited to have completed this survey, to enable a full evaluation of WA-458-P, which lies within the prolific Dampier Sub-basin. The new survey data will be utilized for detailed mapping of the prospects which have been identified, and after that, the company will select the potential candidates for drilling.

The company intends to farm down its high interest in WA-458-P, but this will only happen when the company completes the evaluation of the permit by using the new seismic data.

As stated by FAR’s managing director Ms. Cath Norman, that it’s great to complete the seismic over the WA-458-P permit finally. Offshore Western Australia has seen a revival of activity, and the company looks forward to completing the work on the block. The company aims to identify a drillable prospect, and then choose a suitable partner for the drilling.

On 18 December 2018, the company disclosed to the market that one of its directors, Ms. Catherine Margaret Norman who had a direct and indirect interest in the Company, had acquired 150,000 fully paid ordinary shares via On-market Purchase for the consideration of $0.067 per share. Norway Super Pty Ltd < Norway Super Fund > is the registered holder for the benefit of Ms. Catherine Margaret Norman. Now, the number of securities held by Norway Super Pty Ltd < Norway Super Fund > are 1,506,259 shares, and there is no change in the direct interest of the director.

On 17 December 2018, the company had confirmed that FEED (Front-End Engineering and Design) activities have started for the SNE Field development Phase 1 Offshore Senegal. The company has also mentioned that FEED activities are a milestone for both the company and the SNE Field development Offshore Senegal. In addition, the joint venture project financing has now started.

September Quarterly Update: The company had cash and cash equivalent of A$ 35.83 million (over the prior year which was $28.89 million). The company received cash proceeds from closing PETRONAS farmout totaling A$ 20.6 million.

Stock performance: The shares of FAR Ltd closed the day’s session at A$0.060 (24 January 2019), up by 1.695%. The company has 5.46 billion outstanding shares with the market cap of circa $322.23 Million. The stock has delivered the negative return of 52.80% over the past six months. During the last one month, FAR delivered the negative return of 10.61%.


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