FAR Ltd have oil exploration assets in Africa. In 2021, FAR Ltd sold its interest in the Rufisque Offshore for @126 M USD, and up to $55 M USD additional payment contingent on the prevailing oil price.

FAR Ltd management have stated they are looking to sell their remaining African oil exploration assets, as they have simply been burning capital chasing oil that isn't there. FAR Ltd subsequently returned 80 cents per share ($80 M AUD) in July 2021.

Up until late 2022, FAR Ltd board has been doing very little in terms of capital allocation, and announced it would buy back 10% of share on market. AS at March 31, 2023, FAR Ltd had $30.7 M USD on the balance sheet, and confirmed they expect the full $55 M USD to be paid out by 2027.

If we wee to discount the Woodside payment by 15% pa, we get a present value of: $47 M AUD.

Including the cash on the balance sheet, FAR Ltd have a cash value of $77 M AUD.

FAR have a current market capitalisation of $64.4M AUD.

But can management, who are burning $5 M USD per annum, be trusted to realise this value?