Australian oil and gas company, FAR Ltd, has announced that Russia’s Lukoil will not be making a legally binding takeover offer, which means that Woodside returns as the leading company to secure FAR’s interest in the RSSD project in Senegal.

Last month, FAR received a conditional non-binding indicative proposal from Lukoil to acquire FAR’s interest for about $220 million. FAR has a 13.67% interest in the Sangomar exploitation area that contains that Sangomar oilfields, and 15% interest in the RSSD contract area outside the Sangomar exploitation area.

According to FAR, it has been advised by Lukoil that the Lukoil proposal is not proceeding to a legally binding offer. The Company said that if a takeover offer from Remus Horizons PCC or any other alternative offer emerges, the directors will update shareholders accordingly and may consider their recommendation.

A statement from FAR read: “FAR has convened a shareholders meeting on 15 April 2021 to consider approving the sale of its interest in the Senegal RSSD project to Woodside. The FAR directors continue to support the Woodside sale.”

In a release from FAR last month, the Company affirmed that the new date (for the meeting) would not be postponed as the company is determined to proceed with the Woodside sale (now called-off), pending the shareholders’ approval. The relevant information is to be provided to shareholders before the meeting and shareholders who have already voted may decide to recast their vote.