FAR Limited’s stock tumbled on ASX

  • Sep 05, 2018 AEST
  • Team Kalkine
FAR Limited’s stock tumbled on ASX

FAR Limited’s stock plunged 4.167% to $0.115 on 5 September 2018 despite posting 53% improvement in relative performance since 1 July 2017.

Gas and oil explorer FAR Limited have recently finalized the Samo-1 well location in Gambia which is to be drilled in late 2018. This first exploration well offshore The Gambia is located on the Samo Prospect in the A2 block, approximately 29.6kms south of the discovery well in the giant SNE oil field in Senegal

In the half year financial results for the period ended 30 June 2018, the company posted loss of $12,077,715 despite reporting higher revenue and lower cost compared to previous corresponding year. 

However, this reflects $10,270,380 of lower loss in comparison to the previous corresponding period which was principally due to lower exploration expenses of $12,037,359 and a foreign exchange gain of $2,503,777 compared to foreign exchange loss reported in half year ended 30 June 2017.

Exploration and evaluation assets increased by $11,000,690 during the half year to $139,735,334 on the back of one-off transactions including capitalization of the cost incurred on Gambia Block A2 Samo-1 well development.

During FY18 FAR Gambia Ltd signed a Farm-out agreement with a subsidiary of Petroliam Nasional Berhad (PETRONAS) to assign a 40% interest in each of the highly prospective offshore petroleum licences, Blocks A2 and A5 in The Gambia.

FAR net cash forecast is expected to increase approximately $20 million.

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