Incoming NED Dr Alan Stein has extensive experience in the Melbourne company's stomping ground of offshore West Africa. 

 

He was one of the founding partners of the geoscience consultancy IKODA Limited based in London and Perth and was the founding managing director of Fusion Oil & Gas and Ophir Energy. Ophir bought all of Santos' offshore Southeast Asian assets in early 2018, but has also made discoveries offshore Equatorial Guinea and Tanzania, in east Africa. 

 

Fusion made several discoveries offshore Mauritania.

 

He was one of the founding partners of Havoc Partners, which in addition to its wider work across the resources sector briefly partnered with Pura Vida and Add Energy for planned offshore Gabon exploration that went nowhere. 

 

Dr Stein is currently an advisor to the Boards of Anglo Tunisian Oil & Gas and Carbon Aceh. 

 

The NEDs will take a pay cut from the beginning of next month, meaning they take home $110,000 per year with $145,000 for the non-executive chairman. 

 

Last year shareholders voted at 75% against the remuneration package, which includes shares, and should more than 20% vote that way this time it could trigger second strike rules under Australian company law, which could then force a board spill. 

 

This is exactly what Jeremy Raper, whose Raper Capital holds 1.5% of FAR, is working towards. Last month the Japan-based fund manager published an 11-page missive detailing every wrong move made by management that has destroyed value for shareholders. 

 

In addition to publishing via his own website he also linked it to his HotCopper account, asking long underwater retail shareholders via the messaging board to join him in his quest to see the Melbourne company liquidated and cash returned. 

 

One of his contentions is that after losing the flagship Sangomar oil project, which begins production next year, the company should not be spending more on exploration.

 

It drilled duster Bambo-1 at the end of last year, then told the market that its second unsuccessful Gambian well had essentially proven an active petroleum system. 

 

It pulled out of its commitments in Guinea Bissau this week but the new appointment of a West Africa specialist does not suggest it plans to listen to the "barbarian horde" led by Raper and wind things up. 

 

Shares are 69.5c each.