FAR [ASX:FAR]

Snapshot

Public AU

Ownership

1984

Year founded

3

Employees

Melbourne, Australia

Head office

1 of 264

AU Rank

Unknown

Sector

N/A

Sector rank

FAR's African portfolio encompasses five exploration blocks in West Africa, specifically in The Gambia and Guinea-Bissau. FAR achieved exploration success with the initial two deep water wells drilled off the coast of Senegal.
FAR acquired both the working interest and operatorship in two promising offshore blocks, A2 and A5, located near the significant Sangomar Oil Field off the coast of Senegal. FAR is the operator of these blocks, possessing a 50% beneficial interest, while Petronas is the co-venturer.
FAR initiated its withdrawal from the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea-Bissau, relinquishing its 21.43% interests. The withdrawal process involved notifying the Government of Guinea-Bissau and the joint venture operator.
Woodside Contingent Payment: In July 2021, FAR concluded the sale of its complete stake in the Senegal RSSD Project to Woodside. The transaction yielded US$126 million in cash upon completion, along with the entitlement to a contingent payment.