- Oil and gas company, FAR (FAR) has given the market an update on the end of year results
- Senegal Government Delegation has recently visited the company's offices in Melbourne
- The 2020 Work Program and Budget has been approved by the joint venture
- The Board has given their support for FAR to take FID for the Sangoma field development
- On market close, FAR is down 2.33¢ per share and is selling shares for 4.2¢
Oil and gas company, FAR (FAR) has given the market an update on the end of year results.
Senegal Government Visit
Senegal Government Delegation has recently visited the company's offices in Melbourne.
On the visit, the international guests meet the FAR team, attended meetings with the Board and also they attended a reception organised by the company.
FAR says this visit has created an even stronger relationship with the people of Senegal.
Development Activites
The 2020 Work Program and Budget has been approved by the joint venture. The program will now be submitted to the Minister of Energy for consideration as part of the process for approval.
FID Update
Following the successful$146 million equity placement earlier this month, the Board has given their support for FAR to take FID for the Sangoma field development.
FAR will receive binding and committed financing term sheets for the senior debt facility and conditional on the Operator taking their unconditional FID.
Financing Activites
The company is pursuing a senior secured Reserve Based Lending (RBL) facility from several financial institutions including, Macquarie Bank. Negotiations are continuing and FAR is pleased with the material progress that has been made so far.
FAR has received several proposals to provide a junior debt facility. The company remains in discussions with several potential junior debt providers, including international oil traders.
Managing Director Cath Norman says it has been an eventful end to the year for the FAR team.
"It is very pleasing that FAR’s financing is coming together, ready to commence the execution phase of the field development and exploitation in January 2020," he said.
"The Government of Senegal remains committed to closing out all existing issues before the end of the year and the Joint Venture expects to receive the Presidential decree confirming the Exploitation Authorisation in the coming weeks," he added.
On market close, FAR is down 2.33¢ per share and is selling shares for 4.2¢.
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