Proactive Investors - Run By Investors For Investors

FAR Ltd major shareholder increases stake

The increase follows recent share purchases from the company's managing director.
stock market concept with SHAREHOLDER written in foreground
Shares in the company last traded at 6.9 cents each

FAR Ltd’s (ASX:FAR) major shareholder Meridian Capital International Fund has increased its holding in the company to 15.56% from 14.55%.

Meridian increased their stake through share purchases across a number of days including 5 days between 29 October and 1 November and 5 days between 30 November and 7 December.

The increase follows the recent share purchases by managing director Cath Norman, who acquired 150,000 shares in on-market trades.

READ: FAR Ltd managing director buys shares on-market

Last month, FAR completed drilling the Samo-1 well offshore from the Gambia, encountering oil shows at several levels which indicate the area has access to an active hydrocarbon charge system.

As the first offshore well in 40 years and the first modern well, the data from Samo-1 and the ongoing interpretation will be critical to unlocking the area’s hydrocarbon potential.

Although the well will be abandoned due to wireline logs indicating the main target horizons are water-bearing, the drilling has provided new subsurface information that will help the company understand the geological play along the shelf edge.

The Gambia’s government has confirmed a six-month extension to the current licence to allow for evaluation of the Samo-1 well results.

View full FAR profile View Profile

FAR Ltd Timeline

December 13 2018

Related Articles

oil and gas operations
November 12 2018
“The shares have been range bound recently, however, we believe that CERP now has a stronger platform for achieving its combined organic and acquisitive growth strategy"
oil rig
November 19 2018
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery, a share of production from the Keddington oil field and a raft of drill-ready exploration and appraisal targets
oil and gas operations
December 04 2018
Farm-out deals and new opportunities are anticipated over the coming months
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use