Only pertinent bit at the end. When is the people/expenditure cut coming? more details required.
2020 Impact of COVID-19 and oil price rout
‒ FAR debt financing not completed as planned
‒ Reworking debt options for financing the Sangomar development
‒ Data room open to support option to sell all or part of FAR’s RSSD interest
‒ Preserving cash
‒ Overheads and costs of operated assets cut
‒ In process of surrendering Kenya L6 permit
‒ Gambian work program suspended
‒ People and capital expenditure cuts (with plans for second and third phases)
‒ FAR working with Senegal JV on rescoping, rephasing and repricing options for
Sangomar development to cut and defer CAPEX
Ann: Annual General Meeting Presentation, page-5
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