Brief: FAR Updates On Woodside Contingent Payment On Sale Of FAR's Entire Interest In Senegal RSSD Project

FAR

02/09/2022 24:28

Sept 2 (Reuters) - FAR Ltd  FAR.AX :
    * UPDATE ON WOODSIDE CONTINGENT PAYMENT ASSOCIATED WITH SALE
OF
FAR'S ENTIRE INTEREST IN SENEGAL RSSD PROJECT TO WOODSIDE ENERGY
    * FAR EXPECTS TO RECEIVE FULL PAYMENT OF US$55 MILLION
CONTINGENT
CONSIDERATION DUE FROM SALE OF ITS INTEREST IN SANGOMAR
    * WOODSIDE CONTINGENT PAYMENT ENTITLEMENTS ARE ASSOCIATED
WITH
SALE OF FAR'S ENTIRE INTEREST IN SENEGAL RSSD PROJECT TO
WOODSIDE
    * PAYMENT COMPRISES 45% ENTITLEMENT BARRELS SOLD OVER
PREVIOUS
YEAR, MULTIPLIED BY EXCESS OF CRUDE OIL PRICE PER BARREL AND
US$58 PER BARREL
    * EXPECTS THAT FULL US$55 MILLION WILL BE RECEIVED PRIOR TO
TRANSACTION LONG STOP DATE IN 2027, ANNUAL PAYMENTS ANTICIPATED
TO START IN 2024

Source text for Eikon:  ID:nASX5Xj4PT 
Further company coverage:  FAR.AX 

 ((Reuters.Briefs@thomsonreuters.com;))