{"id":8974,"date":"2020-08-27T08:04:44","date_gmt":"2020-08-27T08:04:44","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8974"},"modified":"2020-08-27T08:04:44","modified_gmt":"2020-08-27T08:04:44","slug":"senegal-far-to-focus-on-rssd-assets-sale-turns-down-pre-emptive-right","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-far-to-focus-on-rssd-assets-sale-turns-down-pre-emptive-right\/","title":{"rendered":"SENEGAL: FAR to Focus on RSSD Assets Sale, Turns Down Pre-emptive Right"},"content":{"rendered":"

FAR has advised Cairn that FAR does not intend to pre-empt the transaction or object to the proposed transfer of Cairn\u2019s working interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore RSSD Contract Area to Lukoil. FAR says it was offered a preemptive right over the sale of the 40% working interest held by Capricorn Senegal Ltd (a wholly owned subsidiary of Cairn Energy plc, pursuant to the Joint Operating Agreement between the Senegal co-venturers but will instead concentrate on progress a sale of all or part of its working interest. The thirty-day pre-emptive period for the transaction has now expired.<\/p>\n

Woodside<\/a> and State oil company Petrosen<\/a> have exercised their pre-emptive rights and the sale of Cairn\u2019s working interest is still subject to Cairn shareholder and Government of Senegal approval. Petrosen increase in its stake in the Sangomar
\nExploitation Area from 10% to 18% has been finalised. If Woodside successfully acquires Cairn\u2019s interest, the working interest of the remaining joint venture partners in the Sangomar exploitation area will be Petrosen 18%, FAR 13.67%, and Woodside 68.33%.<\/p>\n

The working interest in the remaining RSSD evaluation area (including the FAN and SNE North oil discoveries) will be Petrosen 10%, FAR 15% and Woodside 75%.<\/p>\n

FAR remains in default of its payments to the RSSD joint venture, with the effective date of 23 June 2020 with the June, July and August cash calls currently unpaid and total US$28.2M. The interest accrued to date on these payments is US$0.07M. As at 31 July 2020 FAR says it had had cash of US$63.4M with 6 months from the date of default to make good its payments (plus interest) to the joint venture to come out of default. The company hopes it sale of all or part of its working interest with enable it clear any unpaid payments.<\/p>\n

FAR\u2019s Managing Director, Cath Norman said, \u201cIt is pleasing to see the operator, Woodside, and Petrosen showing their support for the Sangomar Field development by increasing their working interest in the project. Unfortunately, due to the COVID crisis and related rout in oil price, FAR continues to pursue a sale of all or part of FAR\u2019s stake in lieu of concluding financing for the development. The Cairn sale is a sign that there is international appetite for this world class project, even during challenging times.<\/p>\n","protected":false},"excerpt":{"rendered":"

FAR has advised Cairn that FAR does not intend to pre-empt the transaction or object to the proposed transfer of Cairn\u2019s working interest in the Rufisque Offshore, Sangomar Offshore and … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[867,2025,8314,8315,2242,2283,8313],"class_list":["post-8974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-far","tag-petrosen","tag-rufisque-offshore","tag-sangomar-deep-offshore","tag-sangomar-offshore","tag-senegal","tag-woordside","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2kK","jetpack-related-posts":[{"id":9052,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-woodside-energy-enters-agreement-to-acquire-cairns-stake-in-the-rufisque-offshore\/","url_meta":{"origin":8974,"position":0},"title":"SENEGAL: Woodside Energy\u00a0Enters Agreement to Acquire Cairn\u2019s Stake in the Rufisque Offshore","author":"","date":"September 6, 2020","format":false,"excerpt":"Woodside Energy\u00a0 reports it has entered into a binding sale and purchase agreement to acquire Capricorn Senegal Limited\u2019s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. This follows Woodside\u2019s exercise of its pre-emptive rights announced on 17 August 2020. Completion of the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8672,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-lukoil-acquires-cairn-energys-sangomar-project\/","url_meta":{"origin":8974,"position":1},"title":"SENEGAL: Lukoil Acquires Cairn Energy’s Sangomar Project","author":"","date":"July 27, 2020","format":false,"excerpt":"LUKOIL has concluded an agreement with Cairn Energy PLC to acquire a 40% interest in RSSD (Rufisque, Sangomar and Sangomar Deep) project in the Republic of Senegal for $300 mln in cash. The agreement also provides for potential bonus payment to Cairn Energy PLC of up to $100 mln after\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8880,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-woodside-pre-empts-sangomar-transaction\/","url_meta":{"origin":8974,"position":2},"title":"SENEGAL: Woodside Pre-Empts Sangomar Transaction","author":"","date":"August 17, 2020","format":false,"excerpt":"Woodside has given notice exercising its right to pre-empt the sale by Capricorn Senegal Limited (Cairn) to LUKOIL Upstream Senegal BV (Lukoil) of Cairn\u2019s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture (the Cairn\/Lukoil Transaction). In accordance with the RSSD Joint Operating\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10606,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-woodside-launches-sangomar-field-development-phase-1-drilling-campaign\/","url_meta":{"origin":8974,"position":3},"title":"SENEGAL: Woodside Launches Sangomar Field Development Phase 1 Drilling Campaign","author":"","date":"July 20, 2021","format":false,"excerpt":"Woodside Energy Senegal B.V. (Woodside) as operator of the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture, which includes Soci\u00e9t\u00e9 des P\u00e9troles du S\u00e9n\u00e9gal (PETROSEN), plans to begin the drilling campaign this week for the Sangomar Field Development Phase 1 offshore Senegal. Woodside Acting CEO Meg O\u2019Neill\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/sangomar-field.jpg?fit=600%2C599&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/sangomar-field.jpg?fit=600%2C599&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/sangomar-field.jpg?fit=600%2C599&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14360,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-woodside-achieves-first-oil-at-sangomar\/","url_meta":{"origin":8974,"position":4},"title":"SENEGAL: Woodside achieves first oil at Sangomar","author":"","date":"June 12, 2024","format":false,"excerpt":"Woodside has achieved first oil from the Sangomar field offshore Senegal, marking the safe deliveryof the country\u2019s first offshore oil project. The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone floatingproduction storage and offloading (FPSO) facility with a nameplate capacity of 100,000 barrels\/day,and subsea infrastructure that\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Senegal-Sangomar.png?fit=742%2C417&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Senegal-Sangomar.png?fit=742%2C417&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Senegal-Sangomar.png?fit=742%2C417&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Senegal-Sangomar.png?fit=742%2C417&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8923,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-petrosen-increases-stake-in-sangomar-project\/","url_meta":{"origin":8974,"position":5},"title":"SENEGAL: Petrosen Increases Stake in Sangomar Project","author":"","date":"August 20, 2020","format":false,"excerpt":"\u00a0 ASX listed FAR Ltd\u00a0 subsidiary FAR Senegal RSSD SA and its Sangomar RSSD has reported that the joint venture partners have executed documentation confirming State oil company Petrosen\u2019s decision to increase its stake in the Sangomar Exploitation Area from 10% to 18%. 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