Ann: Financing Update, page-113

Not really though...
PE results Monday is just stretching the words used. "They plan a further announcement on 20th January."

Far Limited/Cairn Energy

So, the Sangomar field has received FID and this excellent discovery, now to be a development is fully underway. Interestingly for most followers it has rarely been in doubt for which the Far team can be rightly proud. Phase 1 of the multi-phase development will target 2P recoverable reserves of 231 mmbbls with significantly more over the life of the field and of course plentiful gas to export. First oil is expected in 2023 and one the initial FPSO has a processing capacity of 100,000 b/d. Far MD, Cath Norman rightly said that this was a momentous milestone for the JV and the faith to get to this position over recent years is to be applauded.

Far has already announced its plans for funding and today confirms it is pursuing a senior, secured RBL facility, so far it has received credit approval terms for US $200m and it is in negotiations to raise that to US $300m. They plan a further announcement on 20th January.