News: FAR FAR Updates On Woodside Contingent Payment On Sale Of FAR's Entire Interest In Senegal...

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    Sept 2 (Reuters) - FAR Ltd (FAR) :

    • UPDATE ON WOODSIDE CONTINGENT PAYMENT ASSOCIATED WITH SALE OF FAR'S ENTIRE INTEREST IN SENEGAL RSSD PROJECT TO WOODSIDE ENERGY
    • FAR EXPECTS TO RECEIVE FULL PAYMENT OF US$55 MILLION CONTINGENT CONSIDERATION DUE FROM SALE OF ITS INTEREST IN SANGOMAR
    • WOODSIDE CONTINGENT PAYMENT ENTITLEMENTS ARE ASSOCIATED WITH SALE OF FAR'S ENTIRE INTEREST IN SENEGAL RSSD PROJECT TO WOODSIDE
    • PAYMENT COMPRISES 45% ENTITLEMENT BARRELS SOLD OVER PREVIOUS YEAR, MULTIPLIED BY EXCESS OF CRUDE OIL PRICE PER BARREL AND US$58 PER BARREL
    • EXPECTS THAT FULL US$55 MILLION WILL BE RECEIVED PRIOR TO TRANSACTION LONG STOP DATE IN 2027, ANNUAL PAYMENTS ANTICIPATED TO START IN 2024
 
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39.0¢
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