Business
AfrOil: FAR Ltd acquires remaining 50% of Gambian blocks from Petronas
AfrOil: FAR Ltd acquires remaining 50% of Gambian blocks from
About this update from Far Ltd
Australia’s FAR Ltd has bought 50% stakes in Block A2 and Block A5, located in The Gambia’s offshore zone, from its partner Petronas ( Malaysia ), bringing its stake in both sites up to 100%. The value of the deal has not been made public. The ASX-listed company said earlier this year that it was looking to farm down its working interest in the blocks and bring a new partner on board, either to carry the cost of drilling another exploration well in late 2023 or for a sale of the entire package. FAR indicated in the statement, though, that the financial issues that led it to consider a farm-out had changed somewhat. Specifically, it explained that it had successfully negotiated with the government of The Gambia , as part of the acquisition deal, for the removal of the requirement for drilling an additional exploration well during the next two-year licence term for the blocks, which is due to begin on October 1, 2022 . ©2022 bne IntelliNews , source Magazine