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Company News Summary

Far Provides Sangomar Project Update

24 Jun 2020  |  09:54:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Sangomar Project Update

Far advised on announcement in relation to its wholly owned subsidiary FAR Senegal RSSD (FAR Senegal), which is a party to the Senegal RSSD Joint Operating Agreement (JOA). FAR Senegal has not paid the most recent development cash call received by it and accordingly has received notification from the Operator of the RSSD JV that FAR Senegal is in default. Over the past several months, the Operator has been undertaking a program to rescope, reschedule and reprice the project in order to reduce capital expenditure. The Company has made the strategic decision to preserve the group's cash whilst it awaits clarity on project capex amendments. In the interim, Company is continuing to investigate selling all or part of FAR Senegal's interest in the RSSD Production Sharing Contract and JOA.

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