{"id":9663,"date":"2021-01-08T05:39:41","date_gmt":"2021-01-08T05:39:41","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=9663"},"modified":"2021-01-08T05:39:41","modified_gmt":"2021-01-08T05:39:41","slug":"senegal-far-provides-update-on-remus-proposal-and-woodside-sale","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-far-provides-update-on-remus-proposal-and-woodside-sale\/","title":{"rendered":"SENEGAL: FAR Provides Update on Remus Proposal and Woodside Sale"},"content":{"rendered":"<p>FAR Limited \u00a0has provided an update in relation to its previous announcements regarding:<\/p>\n<ul>\n<li>The Remus conditional non-binding indicative proposal of a potential offer from Remus Horizons PCC Limited to acquire 100% of the shares in FAR at 2.1c cash per share.<\/li>\n<li>The proposed sale by FAR of its interest in the RSSD project to Woodside Energy (Senegal) BV subject to FAR shareholder approval and certain other conditions.<\/li>\n<\/ul>\n<p>FAR cautions that the Remus Proposal is not a legally binding offer, there is no certainty that the Remus Proposal will necessarily eventuate, and the Remus Proposal terms are uncertain at this stage. Accordingly, care needs to be used in assessing the Remus Proposal at this time. The Remus Proposal is conditional on the Woodside Sale not occurring.<\/p>\n<p>Subject to the qualification in the paragraph above, FAR has obtained further information from Remus in relation to the Remus Proposal as follows:<\/p>\n<ul>\n<li>Remus is presently finalising the funding arrangements in advance of making the proposed offer.<\/li>\n<li>The only internal and regulatory approval required to proceed with the offer is the final approval of the Remus Board and final review and confirmation of documentation.<\/li>\n<li>Remus is presently satisfied that it will not need to undertake any further due diligence on FAR.<\/li>\n<li>FIRB approval is not required and any offer made will not be conditional on FIRB approval.<\/li>\n<li>Any proposed offer is expected to be subject to a requirement that Remus achieves a controlling interest in FAR together with other customary conditions.<\/li>\n<\/ul>\n<p><strong>In these circumstances, FAR has determined to further postpone the shareholder meeting to consider approving the Woodside Sale currently scheduled for 21 January 2021 to 10.00 am on 18 February 2021. <\/strong><\/p>\n<p>This will enable further time for FAR shareholders to see if the Remus Proposal eventuates, if so assess its merits, and consider the Woodside Sale on the basis of more detailed information. FAR will in due course distribute updated meeting information in this regard. FAR is not presently inclined to further postpone the shareholder meeting to consider updates in relation to the Remus Proposal.<\/p>\n<p>In the meantime, FAR is continuing to advance negotiations with Woodside in relation to the form of the Woodside Sale proposed contractual documentation following Woodside&#8217;s pre-emptive rights exercise.<\/p>\n<p>FAR advises that it is in the process of paying the RSSD project November 2020 cash call (US$8.96 million plus interest) and the December 2020 cash call (US$6.48 million plus interest). Following these payments, FAR&#8217;s cash position is approximately US$10.3 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FAR Limited \u00a0has provided an update in relation to its previous announcements regarding: The Remus conditional non-binding indicative proposal of a potential offer from Remus Horizons PCC Limited to acquire &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/senegal-far-provides-update-on-remus-proposal-and-woodside-sale\/\" class=\"more-link\">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":[868,8850,8851,2283,3254],"class_list":["post-9663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-far-limited","tag-remus-horizon","tag-rssd","tag-senegal","tag-woodside-energy","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-2vR","jetpack-related-posts":[{"id":9922,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-lukoil-provides-non-binding-indicative-proposal-for-the-rssd-project\/","url_meta":{"origin":9663,"position":0},"title":"SENEGAL: Lukoil Provides Non-Binding Indicative Proposal for the RSSD project","author":"","date":"February 17, 2021","format":false,"excerpt":"FAR Limited has announced it has received a conditional non-binding indicative proposal from PJSC Lukoil to acquire 100% of the shares of FAR . Lukoil has stated that the price proposed by it represents a higher value for FAR shareholders than both the proposed sale of the RSSD project to\u2026","rel":"","context":"In &quot;Countries&quot;","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":10217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-remus-horizon-offers-take-over-of-far-interest-in-the-rssd-project\/","url_meta":{"origin":9663,"position":1},"title":"SENEGAL: Remus Horizon Offers Take Over of FAR Interest in the RSSD Project","author":"","date":"April 14, 2021","format":false,"excerpt":"FAR Limited has announced it has received the accompanying letter from Remus Horizons advising its intention to make a takeover offer for FAR shares at 2.1 cents per share. The proposed takeover is conditional only on shareholders rejecting the sale of FAR\u2019s interest in the RSSD Project and the FAR\u2026","rel":"","context":"In &quot;Countries&quot;","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\/07\/FAR.jpg?fit=500%2C500&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"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":9663,"position":2},"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 &quot;Countries&quot;","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":10581,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-far-completes-sale-of-rssd-project-to-woodside\/","url_meta":{"origin":9663,"position":3},"title":"SENEGAL: FAR completes sale of RSSD project to Woodside","author":"","date":"July 7, 2021","format":false,"excerpt":"Woodside Energy (Senegal) B.V. has completed the acquisition of the entire participating interest of FAR Senegal RSSD S.A. (FAR) in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. The purchase price was US$45 million plus a working capital adjustment of approximately US$167 million to reflect the\u2026","rel":"","context":"In &quot;Countries&quot;","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.jpg?fit=672%2C311&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Sangomar.jpg?fit=672%2C311&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/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":9663,"position":4},"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 &quot;Countries&quot;","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":8974,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-far-to-focus-on-rssd-assets-sale-turns-down-pre-emptive-right\/","url_meta":{"origin":9663,"position":5},"title":"SENEGAL: FAR to Focus on RSSD Assets Sale, Turns Down Pre-emptive Right","author":"","date":"August 27, 2020","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Countries&quot;","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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=9663"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9663\/revisions"}],"predecessor-version":[{"id":9664,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9663\/revisions\/9664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8409"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}