FAR Limited has executed a Sale and Purchase Agreement (SPA) with Woodside for the sale of its interest in the Senegal RSSD Project. FAR Shareholders are to consider the deal with Woodside at a meeting scheduled for February.
In November 2020, FAR entered into a SPA with India’s ONGC Videsh for the entire interest of FAR’s Production Sharing Contract (PSC) for the Rufisque, Sangomar, and Sangomar Deep offshore Blocks, offshore Senegal. In December 2020, Woodside pre-empted FAR’s sale to ONGC.
Also, in December 2020, FAR received a conditional non-binding indicative proposal from a private investment fund, Remus Horizons, to engage in further discussions to acquire 100% of FAR’s shares. Remus proposal was conditional on FAR shareholders meeting that was originally scheduled for today, 21st January 2021 but has been postponed to 18th February 2021. The deal is also conditional on the sale to Woodside.
The terms and conditions of the sale to ONGC Videsh are the same as the terms and conditions of the sale to Woodside. Remus’s proposal is non-binding and conditional to whether or not the Woodside sale will occur.
In its latest update, the company said it had executed a Sale and Purchase agreement with Woodside. The shareholders of the company are to consider authorising the agreement at the next shareholders’ meeting in February.
FAR said it will provide shareholders with further information in advance of that meeting to enable them to consider the Woodside sale in the context of the Remus proposal, should Remus provide the company with a binding proposal before the shareholder’s meeting.