FAR Limited has provided an update for the non-binding indicative proposals the company has received, and it has provided a new date and time for its Shareholders’ meeting.

On the indicative proposals, the Company wrote:

• The Remus Horizons PCC Limited non-binding indicative proposal to acquire all the shares in FAR at 2.1 cents per share remains incomplete at this point in time.
• The PJSC Lukoil non-binding indicative proposal to acquire all the shares in FAR at 2.2 cents per share remains incomplete at this point in time.

On the Shareholders’ Meeting:

FAR will reconvene its postponed shareholders’ meeting to approve the sale of its interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) Project to Woodside Energy (Senegal) BV having regard to its receipt of these proposals, by 10 am on 15^th April 2021.

It affirms that the new date would not be postponed as the company is determined to proceed with the Woodside sale, pending the shareholders’ approval. The relevant information would be provided to shareholders before the meeting and shareholders who have already voted may decide to recast their vote.

The FAR shareholders meeting was originally scheduled for 21^st January 2021 but was postponed to 18^thFebruary 2021, before it was postponed again. FAR has already executed a Sale and Purchase Agreement with Woodside.

To read the conditions that prompted FAR to consider selling its interest in the RSSD, CLICK HERE