Ann: Remus Non-Binding Indicative Proposal, page-25

There is some cause for hope here imo (even if only 2.1c is a lot better that the current suspended 1.1c !!). The reality is the world environment is easing (this is not to disrespect that Covid is still rampant in areas, many people are suffering and far too many dying). But we are seeing people going back to work, price of oil rising, travel increasing (even the 'island within an island' Western Australia has started to open up!), and significantly Covid vaccines now available.
Through everything that has happened Sangomar has remained a world class project in the making. FAR’s stake in it is being sold for a distressed song on the back of terrible timing (and yes some poor management)…but with the easing of the world environment some people would now be looking around to take advantage of some of the carnage (eg the Indians and Woodside with their current bids). At the Remus proposed 2.1c, FAR with Sangomar remains a steal. Woodside have already said if they get FAR’s portion of Sangomar they will sell it in a couple of years at a much more elevated value price. Considering the standard of the project, the relaxing of conditions around the world…and add in the other components that make up FAR’s portfolio, the possibility of Remus proceeding, or yet a further bid from somewhere else, would in my opinion be quite feasible.

dodds