Beleaguered Australian minnow FAR has appointed explorer Alan Stein as a non-executive director, suggesting the company is sticking to its growth plans.
Australian explorer FAR’s major shareholder has rejected a takeover bid from Samuel Terry Asset Management.
Australian minnow FAR (ASX:FAR) is likely to be breathing a sigh of relief on the notice that Allan Gray is no longer a substantial holder, although there remain questions for the future.
Drilling problems at Bambo-1, offshore The Gambia, will see costs rise by around $10 million, operator minnow FAR has warned.
Australia’s FAR has begun drilling the Bambo-1 exploration well, offshore The Gambia.
Australian minnow FAR has announced plans to return cash to shareholders, while still going ahead with drilling a well off The Gambia.
Shareholders in MSGBC Basin-focused FAR have rejected the company’s remuneration report, although backing various corporate measures.
FAR has booked a Stena Drilling rig for an exploration well in The Gambia at the end of the year.
Shareholders in FAR have approved the sale of the company’s stake in a Senegal licence to Woodside Energy.
Remus Horizons PCC has abandoned its bid to acquire FAR, paving the way for Woodside Energy to complete its takeover of Senegal’s Sangomar.
Lukoil has pulled its non-binding bid for FAR, clearing the way for Woodside Energy to increase its stake in the Sangomar project.
Russia’s Lukoil has emerged as another suitor to buy MSGBC Basin-focused FAR, for A$220 million ($170mn).
FAR has received a non-binding proposal for its potential acquisition by Remus Horizons PCC that may derail its Senegal sale.
Woodside Energy has opted to pre-empt the sale of FAR’s stake in a licence offshore Senegal, which will increase the buyer’s stake to 82% in the Sangomar field.
On this week’s episode, in association with Fasken, the team looks at the return of RockRose Energy founder Andrew Austin to the North Sea fold, after he sold up his former firm for nearly £250m earlier this year.
Australia’s FAR Ltd has struck a deal to sell its Senegal interests to India’s ONGC for $45 million plus some costs.
Australia’s FAR did not exercise its right to pre-empt the sale of Cairn Energy’s stake in the Sangomar field, as the company works to find a buyer for its own interest.
Australia’s FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegal’s upstream plans.
Woodside Petroleum has denied that first oil from the Sangomar field will be delayed because of the coronavirus pandemic.
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
Australia’s FAR has been unable to secure financing for its stake in the Sangomar field development and so has begun a process to sell all, or a part, of its stake in the Senegalese project.
TGS has begun a 3D seismic survey offshore The Gambia, under its Gambito 2020 programme.
The double threat of coronavirus and the price crash has forced oil companies around the world to rearrange plans and save money where possible, and Africa is set to feel the squeeze.
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
Australia’s FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegal’s Sangomar development harder.