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mangrove

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Everything posted by mangrove

  1. In reply to: NoIdea on Thursday 11/05/06 11:14pm Hi Noidea, Welcome to the FAR thread. I have held FAR for 2 years now, a large part of my portfolio costing 6-7 cents. Then I stretched my funds to convert another large parcel of options. As these have increased in value, my portfolio is terribly overbalanced to one share. I need a spread of risk. No one can ever say that nothing can go wrong, and it is prudent to spread risk. I have given traders a bit of cheek from time to time and now felt it somewhat amusing that I too would become a seller. My opinions are just that, my opinions. You can use then to alert you to something but in the end you must convince or protect yourself. There are other excellent posters here drawing attention to FAR's strengths and weeknesses but no matter who says what, you are responsible for your own actions. If I thought FAR was going to fail, I would have sold the lot and not one of you would know. Cheers...........M.
  2. In reply to: King Baz on Thursday 11/05/06 10:28pm Great summary KB, I am assured that we now have 5 institutions coming on board but they probably will not buy until after the placement is confirmed. Then we should see some serious support. ONE OF YOUR BEST KB. Cheers...........M.
  3. mangrove

    OEX - OILEX LTD

    In reply to: larne on Thursday 11/05/06 10:15pm Hi Guys, Has anyone worked out what is driving this magnificent result? I was watching this at 25 cents, now look at it. Is this buying from London? Is it the CEO. (billion barrel Bruce) I have to learn more from this one. What do you think? Cheers..........M.
  4. In reply to: Danville on Thursday 11/05/06 09:14pm Hi Dan, Thanks for clarifying that. Simon will still be here for an informal day. I will report back whatever I can. Cheers........M
  5. In reply to: afroboy on Thursday 11/05/06 08:58pm There is an Oil and Gas convention at the Gold Coast Convention centre. (I forget what it is called) Largely it is for the trade and their suppliers but most Oilers are represented there. You can't get in without a pass or someone to give you one. I will note your questions and try to get answers. Cheers.......M.
  6. In reply to: oldman river on Thursday 11/05/06 08:32pm Hi OMR, Agree with all you say. I wouldn't like to see any more cap raisings. I may have a chance to speak with them at the convention here on the Gold Goast and I am looking for things to resolve. I will discuss your comments and report back. I hope they come good. I have a few. They started off with a rush and have slowed down a bit. Cheers..........M.
  7. In reply to: gr|ff on Thursday 11/05/06 11:42am Flow rates are from the Quaterly with a recent update on Shefcik today. Shefcik 1 - 7m cu ft pd. Shefcik 3 - 8m Webernick 1 - 5m Total 20m. Strikes share of revenue. 20% is 4mbls pd.@ $7.00 per 1000 cuft. = $28000 pd. Condensate total 275 bls pd. STX share 20%. is 70 bls pd @ $60 pbl = $4200 pd Total daily income $32200.00 approx. Cheers..........M.
  8. mangrove

    SUR

    In reply to: wasabibarako on Thursday 11/05/06 01:43pm Hi Wasa, I wish I knew. Hanging from my finger nails is no fun both on FAR and a few SUR. Dan on FAR has been keeping us up to date with the latest bird talk. Looks like an issue opening the casing at the oil level then some issues again with the rig being suitable for test flowing the well. Looks like early next week at best. Cheers............M.
  9. In reply to: golfnut on Thursday 11/05/06 11:19am Hi Golfnut, I don't want to write a history lesson, so suffice to say that that expectation of the share price was based upon projections from the company that certain events and drilling programs would happen. Remember Welder Ranch, and SGT amongst others. If the company had kept it's program on time 50 cents would have been long since past. Things have changed. I have made a small adjustment to a portfolio which was over weight on FAR. That's all. Don't loose the plot for my sake. I fully expect FAR to go on to greater and better things and I will be there. Cheers...............M.
  10. In reply to: bello on Thursday 11/05/06 10:59am Hi Bello, Sadly, yes. I agonised over that. FAR was a victim of it's own success in my hands. They were worth too much lol. Cheers...........M.
  11. In reply to: mme on Thursday 11/05/06 10:42am The gross revenue from the gas and oil sales is now worth about $30.000.00 per day to STX. Time for the share price to respond to the increasing revenue and get over 40 cents again. Cheers............M.
  12. mangrove

    ROC

    In reply to: King Baz on Thursday 11/05/06 10:34am Hi KB, So are you saying that acquired in this context means "pay for" rather than "muscle in for free". It would be helpful for the partners to get back 51% of their outlays. It would be more helpful for them to get back 51% of the commercial value they have produced. Cheers.............M.
  13. mangrove

    ROC

    In reply to: annaliese on Thursday 11/05/06 10:28am Thanks Guys, Still not answered though.the right to back in for up to 51% working interest to be acquired from all participants on a pro rata basis There is no suggestion that CNOOC pay, is there? Cheers........M
  14. In reply to: dylan on Thursday 11/05/06 10:15am OK Guys, Thanks for the comments. I admit to a small adjustment. FAR owes me about 7.5. Looking back, my first downward for 2 years. Still got lots. FAR will probably go even better now. Eagle will add 3-5 cents. Kakwa to add 5-10 cents. SGT must happen one day. Senegal must get a value soon. I feel that I let the side down a bit, but the portfolio was out of balance as a result of success. Cheers...........M.
  15. mangrove

    ROC

    Hi Guys, Has anyone come to grips with this business where CNOOC can back into 51% of the project ? Are they going to take 51% free and gratis or are they going to pay 51% of the work done to date, or are they going to pay for 51% of the market value of the project when they "back in" "Back In"? What a remarkably meaningless term. Cheers...........M.
  16. In reply to: RobAde on Thursday 11/05/06 05:02am Hi Rob, I have held FAR now for around 18 months and increased my holdings with option conversion. The plan to wait for this undervalued company to rise to fair value is paying off. My investment in FAR is becoming a large part of my portfolio and it's looking a bit unbalanced so I am asking myself some serious questions. Is FAR still undervalued or does it reflect fair value for it's projects bearing in mind the time some of them will take? Is there a better use for the money? Are there safer opportunities? Do I have too much in FAR? What is the risk of a fall in FAR or the market? On the positive side, what more can FAR do in , say, the next 6 months. I will ponder this for a while but the balance of thinking is that it might be time to lighten my FAR holdings a little.(say 20%) I think it only reasonable for me to mention this because of my strong stand against trading in favour of adding value over longer term holding. I am not rushing in or rather out. Just thinking about my position and opening the discussion. There is no better time to take a profit than by modest sales on a rising share price. Cheers..........M.
  17. In reply to: The Captain on Wednesday 10/05/06 05:52pm Eagle is worth the effort. Your calculator slipped a cog there Captain. Should be $7500 per day and $52,500 pw. Cost to FAR is only 15 % of $9m. Pay back is 6 months then clear cash flow for years. I agree that Senegal is the biggie but the steps are a safety net. That's what makes FAR so attractive. Cheers............M.
  18. In reply to: bello on Wednesday 10/05/06 05:17pm Hi Bello, Even with Eagle at $9m, if it flows @ 1000bls per day, payback is around 180 days subject to royalties and transport costs. Love those oil prices. Still a good result. Cheers..........M.
  19. FAR now has approx 415m issued shares plus cn's.(assuming approval) On tonight's close we now have a company with a market cap of $100MILLION Surely institutions now have us on the radar. Cheers..........M.
  20. In reply to: bello on Wednesday 10/05/06 05:17pm Good on you Bello, That's more like the guy we like and love to hear from. Cheers............M.
  21. In reply to: King Baz on Wednesday 10/05/06 05:06pm Also thanks to you both, KB, Dan, The way to get information is to pick up the phone and talk to people, directors, staff and brokers. Clearly you guys do this and pass on your excellent research. Cheers............M.
  22. In reply to: Duster on Wednesday 10/05/06 05:00pm The rest of us have made $30m thanks to their involvement. I hear what you are saying but there was plenty of opportunity to buy shares before the placement. It was done at fair figure on the day. Thank goodness it now looks cheap. Cheers.............M.
  23. In reply to: bello on Wednesday 10/05/06 04:43pm Come on Bello, It's your turn to contribute something useful. Cheers.............M.
  24. What a great day. ( except some idiot dumped a few shares on the close) Some drilling success, more to come on a couple of fronts and projects being brought on line soon. At last the market is reading about FAR and they like what they see. This is just the beginning. I am so pleased for you all to be sharing this success. Cheers..........M.
  25. mangrove

    AWD

    In reply to: Brierley on Wednesday 10/05/06 03:56pm Sounds more like he was legally threatened and backed down. The directors options are too generous. None the less, it will soon fade into oblivion if Golden Sands comes in. Worth $10.00 for success with a 20% chance of success, GDN is certainly undervalued at today's prices. Agree it's a big punt. Cheers...........M.
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