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Why FAR Ltd (ASX:FAR) is flying

Shares in Australian gas explorer FAR Ltd (ASX: FAR) finished trading last week not only at a 52-week high but its highest price in seven years.

FAR shares have climbed 71% in the last 12 months with its Friday trading volume of 22.6 million the third highest volume in a year and its share registry showing regular buy-ins from Meridian Capital International Fund – which now owns a 14.55% stake in FAR.

There must be something in the wind for the emerging $710 million market cap company, which made Credit Suisse’s list of favourite picks in the oil and gas sector back in May.

FAR has a strong pipeline of project prospects, particularly its giant Samo prospect offshore The Gambia, with drilling scheduled for late 2018.

One thing is for sure, FAR is worth keeping an eye on.

Elsewhere in the oil and gas space Woodside Petroleum Limited (ASX: WPL) has had a strong run of late with peer Oil Search Limited (ASX: OSH) also not far off its 52-week high.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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