FAR is placing 15,200,000 shares at 8.5 cents per share with a free one for two attaching 31 July 2005 option. The shares have strengthened from below 7c in recent months to recent highs of 10c.

The raising, mainly to international and domestic institutional clients of Hartleys, has brought a number of institutional investors onto the FAR register.

Commenting on the placement, FAR managing director Michael Evans welcomed the addition of the institutional investors and noted the investment by these groups is an endorsement of the FAR’s business strategy and recognition of its growing revenue stream from successful exploration in the gulf states of the USA and promising drilling program over the next 12 months.

“Funds will be used to fund exploration and development studies of the Beibu Gulf project, offshore China, and to contribute toward drilling costs associated with the Welder Ranch program, South Grosse Tete, Rainosek and Lake Long projects in the USA,” said a company statement.