Australia's FAR rises on expected $55 mln contingent payment

FAR

02/09/2022 03:45

** Shares of oil and gas explorer FAR Ltd  FAR.AX  rise as
much as 1.83% to A$0.835, their highest since Aug. 19
    ** FAR says it expects to receive full payment of $55 mln
contingent consideration before transaction long stop
date urn:newsml:reuters.com:*:nASXY3R6w
    ** Consideration due from sale of FAR's entire interest in
the Senegal RSSD Project to Woodside Energy Group  WDS.AX  in
2021
    ** Co says annual payments expected to commence in 2024 as
WDS recently informed that its development plan at the project
is 63% complete and first production is expected in the second
half of 2023
    ** Stock posts its biggest intraday pct gain since Aug. 25
    ** Stock up ~113% this year, as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))