Far (ASX:Far) announced financial results for the half-year ended June 30, 2022.

The principal activities of the Group during the period were exploration for oil and gas deposits and conducting activities to identify and evaluate new oil and gas projects.

The Group reported a loss for the period ended 30 June 2022 of $2,582,000 (prior corresponding period: loss of $7,099,000). The loss for the period included restructuring costs of $105,000 (prior corresponding period: nil).

Far completed a review of the prospectivity of the A2 and A5 blocks offshore The Gambia during the period, following completion of the Bamboo drilling campaign in late 2021.

The Company has opened a data room for suitably qualified parties to consider participation in a joint venture to undertake the geoscience review and ultimately drill additional exploration wells.

During the period the Company withdrew from its interest in the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea-Bissau.

The Company met the minimum financial commitments associated with the license and there are no outstanding commitments.

Cash flows used in operating activities was $17,778,000 for the period (prior corresponding period: $20,992,000), which included payments for exploration drilling accrued in the prior financial year amounting to $14,582,000. Payments for exploration and evaluation in the period was $1,403,000 (prior corresponding period: $332,000).

Current assets decreased by $18,259,000 ruing the period due mainly to the reduction in cash used to fund payments to suppliers and employees.

Following the announcement the company?s share price fell 1.219%.