FAR Ltd (AU:FAR) has released an update.
FAR Ltd, an oil & gas exploration firm, has wrapped up its operations in The Gambia, closing its office and surrendering exploration blocks A2 and A5. The company is focusing on the potential sale of a contingent payment worth up to $55 million from Woodside Energy linked to the RSSD Project in Senegal, with the help of Gneiss Energy Limited. With Sangomar Field Development nearing completion and oil production expected mid-2024, FAR Ltd anticipates receiving the full contingent amount before the 2027 deadline.
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