Australia's FAR plunges on potential claim from Woodside under 2021 deal

FAR

31/01/2025 04:32

** Shares of oil and gas explorer FAR  FAR.AX  fall 8.8% to
A$0.520, their lowest since Dec. 31, 2024
    ** Co says it has been informed by Woodside Energy  WDS.AX 
regarding a potential claim under an agreement related to sale
of FAR interest in a Senegal project in 2021
    ** Says Woodside has advised that after an audit by Senegal,
a claim has been raised by the country that certain costs
incurred by FAR, in excess of the maximum described, up until
the end of 2013, are rejected for cost recovery
    ** Says Woodside has advised that claim remains subject to
discussions between Woodside and Senegal
    ** Depending upon Senegal's position, Woodside may make a
formal written claim to FAR under the agreement 
    ** About 265,000 shares change hands, 2.8 times the 30-day
average of 92,740 shares
    ** FAR has declined 0.9% this month, including current
session moves

 (Reporting by Manasi Dasa Sundeep in Bengaluru)
 ((Manasi.DasaSundeep@thomsonreuters.com;))