FAR 3.30% 47.0¢ far limited

April 30 (Reuters) - FAR Ltd (FAR) : DEBT FINANCING NOT...

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    April 30 (Reuters) - FAR Ltd (FAR) :

    • DEBT FINANCING NOT PROCEEDING AS EXPECTED DUE TO COVID-19 AND OIL PRICE IMPACT ON DEBT MARKETS
    • COST CUTTING EFFORTS UNDERWAY
    • SANGOMAR DEVELOPMENT WAS RUNNING US$117M UNDER BUDGET FOR YEAR TO END OF MARCH AND EXPECT THIS TREND TO CONTINUE
    • COMMENCED PROCESS TO SELL ALL OR PART OF INTEREST IN SENEGAL RSSD PROJECT IN PARALLEL WITH INVESTIGATING ALTERNATIVE SOURCES OF FINANCE
    • COVID-19 AND OIL PRICE COLLAPSE ADVERSELY IMPACTED FAR'S FINANCING PLANS FOR SANGOMAR FIELD DEVELOPMENT
    • NOT POSSIBLE AT THIS TIME TO ACCESS SHORE BASE FOR DRILLING AT GAMBIA, SO HAVE SUSPENDED ACTIVITIES
    • COST CUTTING EFFORTS, REDUCTION IN SPEND FOR SANGOMAR DEVELOPMENT MEANT FORECAST CASH POSITION AT Q1 END US$74M VERSUS ACTUAL US$80.3M FOR QUARTER
    • FOR UPCOMING QUARTER, SEES US$5M OF EXPLORATION AND EVALUATION EXPENDITURE
    • FOR UPCOMING QUARTER, SEES US$27M OF DEVELOPMENT EXPENDITURE & US$1.2M IN CORPORATE COSTS
 
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47.0¢
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45.5¢ 47.0¢ 45.5¢ $82.32K 180.7K

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