PERTH (miningweekly.com) – ASX-listed FAR has inked a sale and purchase agreement with energy major Woodside over its rights over the Rufisque offshore, Sangomar offshore and Sangomar deep offshore (RSSD) contract area, offshore Senegal.
Woodside last year exercised its pre-emptive right to FAR’s interest in the RSSD project, matching an offer from ONGC Videsh Vankorneft for $45-million.
In addition to the cash payment, the agreement would also see FAR being reimbursed for its share of working capital, and entitlement to certain contingent payments capped at $55-million.
FAR shareholders are expected to vote on the Woodside transaction on February 18.
FAR previously postponed a shareholder meeting on the Woodside transaction after being made aware of a pending takeover offer from Remus Horizons PCC.
FAR in December last year received a non-binding indicative proposal from Remus, which flagged its intention to acquire all of the shares of FAR at 2.1c a share.
The Remus proposal was conditional on the Woodside sale not occurring.
To date, a binding offer agreement has not been forthcoming.