\n\t\t\t<\/span>\n<\/li>\n<\/ul>\n<\/div>\nLukoil has stated that the Lukoil Proposal will be funded from available internal cash reserves and that any formal binding offer would not include any financing conditions.
\nLukoil has stated that the Lukoil proposal is conditional (amongst other things) on:<\/p>\n
– The FAR shareholder meeting to consider approving the sale of the RSSD project to Woodside scheduled for Thursday 18 February 2021 being rescheduled.<\/p>\n
– Obtaining minimum acceptances of 50.1% of shares and a FAR board recommendation.<\/p>\n
Lukoil has stated that it does not believe it requires FIRB approval for the transaction and that it does not anticipate requiring any other regulatory approvals as a condition of the transaction. Lukoil has stated that it has a deep understanding of the RSSD Project as it has previously completed due diligence and entered into an agreement to acquire an interest in the RSSD Project from Cairn Energy Plc which was subsequently pre-empted
\nby Woodside.<\/p>\n
In these circumstances, FAR has determined to postpone the shareholders meeting currently scheduled for 18 February 2021. This will enable FAR to clarify the status of the Lukoil Proposal. FAR will advise the rescheduled date as soon as this has been determined, noting that the Lukoil Proposal has only just been received. FAR will provide further information to shareholders prior to the shareholders meeting being held, and
\nshareholders who have already voted will have the opportunity to change their vote if they wish.<\/p>\n
Lukoil has stated that it is open to providing reasonable financing support to allow FAR to come out of default in relation to its RSSD Project cash call defaults once its proposal is unconditional subject to customary conditions being agreed. As previously announced by FAR, FAR is in default with respect to its January 2021 cash call of US$19.9 million. FAR is also in default with respect to its February 2021 cash call of US$24 million. As previously
\nannounced by FAR, it has until mid July 2021 to remedy defaults or risk losing its interest in the RSSD Project.<\/p>\n
Lukoil has advised that it has funds which are readily available for deployment if its offer proceeds. Lukoil has stated that it recognises that its offer would need to be unconditional well in advance of the Woodside long-stop date for its sale (which as previously announced is early June 2021 or such later date as agreed).<\/p>\n","protected":false},"excerpt":{"rendered":"
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 … 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":[5542,867,4515,9057,9056,2743],"class_list":["post-9922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-cairn-energy-plc","tag-far","tag-lukoil","tag-remus-horizons","tag-rssd-project","tag-woodside","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-2A2","jetpack-related-posts":[{"id":9663,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-far-provides-update-on-remus-proposal-and-woodside-sale\/","url_meta":{"origin":9922,"position":0},"title":"SENEGAL: FAR Provides Update on Remus Proposal and Woodside Sale","author":"","date":"January 8, 2021","format":false,"excerpt":"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 100% of the shares in FAR at 2.1c cash per share. The proposed sale by FAR of its interest in\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":9922,"position":1},"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":8672,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-lukoil-acquires-cairn-energys-sangomar-project\/","url_meta":{"origin":9922,"position":2},"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":8923,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-petrosen-increases-stake-in-sangomar-project\/","url_meta":{"origin":9922,"position":3},"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%. This has affected the stake 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":10217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/senegal-remus-horizon-offers-take-over-of-far-interest-in-the-rssd-project\/","url_meta":{"origin":9922,"position":4},"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 "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\/07\/FAR.jpg?fit=500%2C500&ssl=1&resize=350%2C200","width":350,"height":200},"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":9922,"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 "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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9922","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=9922"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9922\/revisions"}],"predecessor-version":[{"id":9924,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9922\/revisions\/9924"}],"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=9922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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