You really need to do some research before making claims that FAR will have $78M in 2 years. You are 1000% wrong and are misleading people that read your posts. I have done the research for you and posted the actual contingent payment announcement from the ONGC offer. The payment is made 12 months in arrears for a start which means FAR will not see a cent before late 2024. It runs for 3 years from commencement of production or ends 2027, whichever comes first so assuming it takes the 3 years to reach those payments then FAR will receive its last payment i late 2026.
Contingent payment The Transaction contemplates a contingent payment to FAR payable in the future based on various factors relating to the sale of oil from the RSSD Project. The contingent payment comprises 45% of entitlement barrels (being the share of oil relating to FAR's 13.67% RSSD Project exploitation area interest) sold over the previous calendar year multiplied by the excess (if any) of the crude oil price per barrel (capped at US$70) and US$58 per barrel. The contingent payment terminates on the earliest of 31 December 2027, 3 years from first oil being sold (excluding any periods of zero production), and a total contingent payment of US$55 million being reached. The Operator’s most recent estimate for commencement of oil production is mid-2023. The Operator may update timelines to first oil and production targets from time to time.
FAR Price at posting:
63.5¢ Sentiment: Hold Disclosure: Held
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