New Risk • Jun 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (AU$26.8m market cap, or US$19.2m). Upcoming Dividend • May 26
Upcoming dividend of AU$0.35 per share Eligible shareholders must have bought the stock before 02 June 2026. Payment date: 11 June 2026. Trailing yield: 13%. Within top quartile of Australian dividend payers (6.9%). Higher than average of industry peers (4.4%). Duyuru • Apr 24
FAR Limited, Annual General Meeting, May 28, 2026 FAR Limited, Annual General Meeting, May 28, 2026. New Risk • Mar 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (AU$50.8m market cap, or US$36.4m). Upcoming Dividend • May 28
Inaugural dividend of AU$0.08 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 12 June 2025. This is the first dividend for FAR since going public. The average dividend yield among industry peers is 7.2%. Duyuru • Apr 24
FAR Limited, Annual General Meeting, May 30, 2025 FAR Limited, Annual General Meeting, May 30, 2025. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (AU$43.9m market cap, or US$27.8m). Board Change • May 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Robert Kaye is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$4.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.6m free cash flow). Revenue is less than US$1m (US$884k revenue). Minor Risk Market cap is less than US$100m (AU$35.3m market cap, or US$23.1m). Duyuru • Mar 02
FAR Limited, Annual General Meeting, May 31, 2024 FAR Limited, Annual General Meeting, May 31, 2024. New Risk • Aug 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.9% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$38.5m market cap, or US$24.7m). Upcoming Dividend • Aug 16
Inaugural dividend of AU$0.40 per share Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 31 August 2023. This is the first dividend for FAR since going public. The average dividend yield among industry peers is 10%. Duyuru • Jan 30
FAR Limited Announces Board Changes FAR Limited announced the resignation of Non-Executive Director Alan Stein, with immediate effect. FAR also announced the appointment of Garth Campbell-Cowan as a Director. Mr. Campbell-Cowan is the Company's Chief Financial Officer who was appointed to that position in April2022. He is an experienced executive, who has worked across a variety of ASX listed organisations, including previously as CFO of gold mining company St Barbara Limited. He is also a non-executive director of Navarre Minerals Limited. Recent Insider Transactions • Nov 26
Independent Non-Executive Director recently bought AU$74k worth of stock On the 24th of November, Alan Stein bought around 100k shares on-market at roughly AU$0.74 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$82k. Insiders have collectively bought AU$228k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 16
Independent Non-Executive Director recently bought AU$82k worth of stock On the 9th of November, Alan Stein bought around 100k shares on-market at roughly AU$0.82 per share. This transaction increased Alan's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$154k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 11
Independent Non-Executive Director recently bought AU$82k worth of stock On the 9th of November, Alan Stein bought around 100k shares on-market at roughly AU$0.82 per share. This transaction increased Alan's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$154k more in shares than they have sold in the last 12 months. Duyuru • Jul 12
FAR Limited Announces Change Company Secretary FAR Limited announced the appointment of Ms. Claire Newstead-Sinclair as Company Secretary. Ms. Newstead-Sinclair replaces Ms. Elisha Larkin who has resigned from the role of Company Secretary with effect from 11 July 2022. Ms. Newstead-Sinclair is employed at Vistra Australia, a professional advisory and corporate services firm. The appointment of Ms. Newstead-Sinclair supports the Board's drive to reduce fixed corporate overhead costs. Ms. Newstead-Sinclair has extensive ASX experience and has provided company secretarial and corporate advisory services to boards and various committees across several industry sectors. Ms. Larkin has been Company Secretary since 21 January 2020 and Mr. Patrick O'Connor, Chairman of FAR, thanked Ms. Larkin for her contribution and support to the Company. Recent Insider Transactions • May 20
Independent Non-Executive Director recently bought AU$52k worth of stock On the 16th of May, Alan Stein bought around 70k shares on-market at roughly AU$0.75 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$193k more in shares than they have sold in the last 12 months. Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Robert Kaye is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 07
FAR Limited Announces Executive Changes FAR Limited advised that Chief Financial Officer Victoria McLellan has resigned and Garth Campbell-Cowan has been appointed as Chief Financial Officer. Ms. McLellan will finish with the Company at the end of April following a hand-over period with Mr. Campbell-Cowan. Mr. Campbell-Cowan is an experienced executive, working across a variety of ASX listed organizations, including most recently as CFO of gold mining company St Barbara Limited. He has been appointed on a contract basis for the period of transition of the Company. Duyuru • Apr 05
FAR Limited, Annual General Meeting, May 31, 2022 FAR Limited, Annual General Meeting, May 31, 2022, at 11:00 E. Australia Standard Time. Board Change • Apr 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Robert Kaye is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Duyuru • Feb 21
FAR Limited Completes Review of Prospectivity of A2 and A5 Blocks Offshore The Gambia FAR Limited has completed a review of the prospectivity of the A2 and A5 blocks offshore The Gambia, following the Bambo drilling campaign in late 2021. The drilling and logging data obtained on the main well (Bambo-1) and the side-track well (Bambo-ST1) confirmed both the presence of a prolific oil source in the area and that oil shows encountered whilst drilling were persistent over several hundred metres, confirming key reservoirs had access to this oil-generative kitchen. The Soloo prospect S440 and S410 objectives in the Bambo drilling campaign were found to have indications of hydrocarbons, but no significant oil volumes have been interpreted in the southern extension of the Sangomar Field in the A2 Block. However, oil shows in the Bambo prospect S390 and S400 reservoirs, encountered in the Bambo-1 and Bambo-ST1 wells have highlighted updip potential at both those levels in the A2 Block. These prospective target intervals form the new Panthera prospect. Further mapping of the potential oil-bearing reservoirs has opened additional, material exploration opportunities and FAR has high-graded three of the four mapped prospects for potential drilling: Panthera, Jatto and Malo. These three high-graded prospects each house multiple potential oil-bearing reservoir targets. Evaluation of samples taken from the drilling program remain under laboratory analysis and further work on mapping the deeper oil-bearing reservoirs is ongoing. FAR will now commence a farm-down of its interest in blocks A2 and A5 and in doing so, seek a carry on the cost of a well for drilling in late 2023 and a contribution to FAR's past costs. Future work program and budget for The Gambia project: Following the drilling of the Bambo wells, FAR, as Operator of the Joint Venture, is revising the work to be undertaken in 2022 and accordingly, the budget for the works. The current, Joint Venture approved 2022 budget is USD 9.56 million (50% to the account of FAR and 50% to co-venturer, Petronas) and FAR expects to reduce this by approximately 40% to USD 5.7 million for the 2022 year. This will require review and voting for the amended work program and budget by the Joint Venture which is scheduled for March 2022. Petronas are supportive of reducing the 2022 budgeted expenditure. FAR in The Gambia: In 2017, FAR acquired a working interest and operatorship in two highly prospective offshore blocks, A2 and A5, offshore The Gambia, located on trend with and adjacent to the giant Sangomar Oil Field offshore Senegal. Blocks A2 and A5 have been assessed to contain substantial prospective resources. FAR is Operator and holds a 50% paying and beneficial interest in blocks A2 and A5, with co-venturer, Petronas. During the quarter ending December 31, 2021, FAR concluded the drilling and formation evaluation operations for the Bambo-1 well and Bambo-1ST1 sidetrack well in Block A2, offshore The Gambia. Bambo-1 was initially drilled to a depth of 3216m MDBRT (measured depth below rotary table) and wireline logging data was obtained. The Bambo-1 well was then plugged and the Bambo-1ST1 (side-track) well drilled to a depth of 3317m MDBRT after which wireline logging was conducted. The side-track well was planned to be drilled to the final total depth through all target reservoirs and also to intersect zones of interest from the main well in a different location which will provide additional data and to sample potential oil. Interpretation of the cuttings and wireline logging information indicates that these zones have been charged with oil in rather poor-quality reservoirs and in traps that might have been breached, leaving behind some residual oils in the reservoirs. The side-track well also intersected oil shows in the Soloo Deep units not previously encountered by the original well or other wells in the area. The oil shows encountered were persistent over several hundred metres of section. The drilling operations of the Bambo-1 well and Bambo-1ST1 side-track well were conducted safely and within the amended budget. The well and side-track have subsequently been plugged and abandoned consistent with the planned well abandonment program. The well fulfils the minimum work obligation of drilling one exploration well for the Initial Exploration Periods for both the A2 and A5 Licences and hence FAR and its co-venturer have the right to enter the next period (First Exploration Period) for each of the licenses on expiry on September 30, 2022. Duyuru • Feb 02
Samuel Terry Absolute Return Active Fund, managed by Samuel Terry Asset Management Pty Ltd made an offer to acquire remaining 95.1% stake in FAR Limited (ASX:FAR) from Farjoy Pty Ltd, Meridian Capital International Fund and others for AUD 42.7 million. Samuel Terry Absolute Return Active Fund, managed by Samuel Terry Asset Management Pty Ltd made an offer to acquire remaining 95.1% stake in FAR Limited (ASX:FAR) from Farjoy Pty Ltd, Meridian Capital International Fund and others for AUD 42.7 million on January 31, 2022. Offeror will pay AUD 0.45 per share in cash under the Offer. To fund the acquisition, Offeror has cash deposits at bank of approximately AUD 37.8 million and gold bullion backed liquid securities that may be readily sold on-market as required with a value of approximately AUD 39.5 million. If at the end of the Offer Period, Offeror acquires a Relevant Interest in at least 90% of the FAR Shares on issue, it will proceed with compulsory acquisition of the outstanding Shares and would procure the removal of FAR from the official list of ASX. Offeror will seek to obtain representation on the FAR Board which is at least consistent with its proportionate shareholding. The Offer is subject to a minimum acceptance condition of Offeror having a relevant interest in at least 50.1% of all FAR shares (on a fully diluted basis). The Offer is also conditional upon no material adverse change in relation to FAR, the S&P/ASX200 index or the Brent Crude Futures Price; no material acquisitions, disposals or new commitments in relation to FAR and its subsidiaries; FAR declares no distributions; no regulatory action and customary no prescribed occurrences in relation to FAR. Samuel Terry Asset Management Pty Ltd board recommends to accept the Offer.
The Offer is expected to open on February 14, 2022 and close on March 14, 2022, unless extended. Allens acted as legal advisor and Boardroom Pty Limited acted as registrar to Samuel Terry Asset Management Pty Ltd. Baker & McKenzie LLP acted as legal advisor to FAR Limited. Duyuru • Dec 23
FAR Limited Announces Bambo Well Results FAR Limited announced that it has concluded the drilling and formation evaluation operations for the Bambo-1ST1 well offshore The Gambia. Bambo-1 was initially drilled to a depth of 3216m MDBRT and wireline logging data was obtained. The Bambo-1 well was then plugged and the Bambo-1ST1 (side-track) well drilled to a depth of 3317m MDBRT after which, wireline loggings were conducted. The drilling and logging data obtained on the main well and the side-track well indicates that several target intervals in the well had oil shows, confirming a prolific oil source is present in the area. Samples were recovered from several levels. The presence or otherwise of any oil will be confirmed by laboratory analysis. The side-track well was planned to be drilled to the final total depth through all target reservoirs and also to intersect zones of interest from the main well in a different location which will provide additional data and to sample potential oil. Interpretation of the cuttings and wireline logging information indicates that these zones have been charged with oil in rather poor-quality reservoirs and in traps that might have been breached, leaving behind some residual oils in the reservoirs. The side-track well also intersected oil shows in the Soloo Deep units not previously encountered by the original well or other wells in the area. The oil shows encountered were persistent over several hundred metres, confirming access to the prolific oil-generative kitchen is present which may open additional material exploration opportunities and running room in both the A2 and A5 Blocks. The drilling operations of the Bambo-1 well and Bambo-1ST1 side-track well were conducted safely and within the amended budget. The well and side-track are being plugged and abandoned consistent with the planned well abandonment program for this type of exploration well. Duyuru • Dec 08
Far Limited Provides Bambo-1 Well Update FAR Limited announced that the Bambo-1 well has drilled 3,216m MDBRT of a total planned depth of 3,450m MDBRT. Oil indications have been detected in rock cuttings and hydrocarbons have been interpreted across several intervals in the well from LWD data. Further wireline logging needs to be completed to confirm the finding. Drilling operations were temporarily halted at the current depth after significant fluid losses were experienced. These fluid losses were stabilised in accordance with standard offshore operating procedures, and FAR is now planning to plug and side-track the well to continue drilling to the planned total depth. Prior to side-tracking and provided hole conditions remain stable, FAR is undertaking a wireline logging program in the current well bore. FAR estimates that the cost to complete the well will increase from a total of USD 51.4 million to USD 61.27 million, an increase of USD 9.87 million or USD 4.935M net to FAR. FAR forecasts a cash balance of USD 37 million after the completion of the well, inclusive of the increase in Bambo-1 well costs. The addition of the side-track program has extended the period of operations which is now expected to be completed by the end of December 2021. Recent Insider Transactions • Aug 06
Independent Non-Executive Chairman recently bought AU$76k worth of stock On the 4th of August, Patrick O’Connor bought around 63k shares on-market at roughly AU$1.20 per share. This was the largest purchase by an insider in the last 3 months. Patrick has been a buyer over the last 12 months, purchasing a net total of AU$120k worth in shares. Price Target Changed • Jul 26
Price target increased to AU$3.00 Up from AU$2.60, the current price target is provided by 1 analyst. New target price is 133% above last closing price of AU$1.29. Stock is up 17% over the past year.