FAR secures funding for Senegal project
PERTH (miningweekly.com) – Oil and gas developer FAR has taken a final investment decision on the Sangomar field development, offshore Senegal, securing final credit approvals for an underwritten $300-million senior secured reserve based lending facility to fund its share of the project development.
The joint venture (JV) partners of the Sangomar field development, which includes major Woodside Petroleum, have all jointly agreed on the Phase 1 development, which will target an estimated 231-million barrels of oil equivalent of oil resources from the lower, less complex reservoirs, and an initial pilot phase in the upper reservoirs.
First oil is targeted for 2023.
The final investment decision followed shortly after the government of Senegal approved the JV exploitation plan, and granted authorization for the field development.
FAR on Monday said that in addition to the $300-million senior secured lending facility, the company has also raised an additional A$146-million through equity and share placements to fund its share of the Phase 1 capital expenditure.
“Reaching agreements for a $300-million underwritten senior debt facility with three international firms, Macquarie, BNP Paribas and Glencore, is further endorsement and support for Sangomar being a tier one oil development asset,” said FAR MD Cath Norman.
“2020 is shaping up to be a busy year for FAR, with a junior underwritten debt facility due to be put in place early in the year and drilling of one of its highly prospective exploration opportunities in the neighbouring Gambia to follow in the second half of 2020.
“In addition, the Senegal JV is preparing for drilling in 2021, commencing with an appraisal well on the FAR or SNE North discoveries before embarking on the development drilling for the Sangomar field development.”
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