Oh Dear, the murk continues....
Far denies Dakar court meeting with Cap
Australian junior knocks back earlier Upstream report of appearance in Senegalese court over 3D seismic dispute
Barry Morgan
13 Sep 2017 14:44 GMT Updated 13 Sep 2017 15:28 GMT
Australian explorer Far Ltd has denied a recent report by Upstream that the company has been to court in Senegal’s capital Dakar.
The Perth-based player this week released a statement to the Australian Securities Exchange (ASX) saying that, contrary to an
earlier Upstream report, it has “not appeared, nor been requested to appear” in any court in the West African city.
Cap and Far dispute enters Dakar court
Read more
Upstream reported recently that a hearing took place on 28 August following a Sequestration Order issued ex parte by a local court on behalf of UK-based Cap Energy authorising seizure of $2 million worth of assets held by Far, and that an adjournment to 14 September had been requested.
The case revolved around disputed access to 3D seismic shot over Senegal's shallow-water Djiffere block and Far’s ability to exercise a 75% option agreement to farm into the block, currently operated by Trace Atlantic Oil alongside partner-guarantor Cap Energy.
Far insists it has not met with Cap regarding any alleged dispute and neither has Cap served Far with any papers to sequester Far’s assets in Senegal.
Cap takes Far Ltd to court over Djiffere data
Read more
In its
announcement, Far contended it remains in compliance with disclosure obligations under ASX listing rules, that its contractual relationship with Cap is not material and that it is “investigating further (Upstream’s) motives behind publishing this story”.
Far’s statement, published on 13 September, said it “has become aware of a recent article” published by Upstream. The company was contacted by Upstream before publication of the article in the weekly newspaper, which went to print on 30 August. However, Far declined to comment at that time.
(20min delay)