Sectors include banks and general insurers, LICs, agricultural and FMCG, technology, discretionary retail, travel and tourism, resources, and healthcare and biotech, it said yesterday. 

 

It likes FAR thanks to the SNE oil field development offshore Senegal that Woodside Petroleum is currently leading, which is due for final investment decision before the end of the year and with first oil expected by 2022 and first gas in 2024. 

 

Analyst Peter Arden calls the project "a highly attractive operation" which will initially produce 100,000 barrels of oil a day at Stage 1 with upside to 150kbopd. 

 

"The SNE joint venture is also planning to appraise nearby discoveries at FAN, SNE North and FAN South," he wrote. 

 

"FAR is planning to explore further in its two blocks in The Gambia (where it is operator with a 40% interest) because while the recent Samo-1 well was unsuccessful, it confirmed the hydrocarbon potential of multiple attractive and significant prospects and targets." 

 

Samo-1 offshore The Gambia was the first offshore well drilled the in 40 years and listed as one of the top 20 wells to watch for 2018 - something FAR reminded the market of frequently - before coming up a duster. 

 

Arden is also looking to the arbitration, due finally in July, over FAR's pre-emption rights over Woodside's acquisition of ConocoPhillips' 35% stake which he thinks "could ultimately provide further upside to FAR". 

 

Woodside CEO Peter Coleman has called the action "rent-seeking". 

 

Arden rates the Aussie oiler as a speculative buy, at 22 cents per share. 

 

FAR went into a trading halt Tuesday but was sitting at 6.1c then. The same day it reiterated in response to a media story that it is still "examining various funding options for its share of its upcoming SNE oilfield development" but did say a sale of its working interesting "is being considered along with other forms of financing by the board".