OIL FIELDS – SENEGAL

FAR moves closer to Senegal ambitions

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 11-Dec-19

FAR Limited has yet to confirm details of a capital raising, with its shares placed in a trading halt on 10 December pending an announcement. The equity raising is believed to include a $146m share placement and a $30m share purchase plan. The capital raising and a new debt facility will provide FAR with the funding needed to proceed with the Sangomar oil project in Senegal, in which it has a 15 per cent stake. The project is initially slated to produce about 230,000 million barrels of oil, commencing in 2023.

CORPORATES
FAR LIMITED – ASX FAR, WOODSIDE PETROLEUM LIMITED – ASX WPL, CAIRN ENERGY PLC

Woodside moves forward on $6b Senegal oil project

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 4-Dec-19

The partners in the Sangomar joint venture have lodged a development plan for the offshore oil project with the Senegal government. The plan was submitted shortly before their licence was due to expire on 4 December. Woodside Petroleum and its partners in the $6bn project propose to undertake a phased development of the oil field, with production slated to commence in 2023. The project has been marred by a dispute between Woodside and junior partner FAR Limited over the former’s acquisition of ConocoPhillips’ stake.

CORPORATES
WOODSIDE PARK STUD PTY LTD, FAR LIMITED – ASX FAR, CONOCOPHILLIPS, PETROSEN

Woodside vows to defend SNE oil site

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Original article by Matt Chambers
The Australian – Page: 20 : 31-May-18

The legal dispute over a stake in the SNE oilfield in Senegal was a key issue on the agenda at FAR Limited’s 2018 AGM. Chairman Nic Limb told shareholders that the company will have the right to buy a 35 per cent stake in the oilfield at the same price that Woodside Petroleum paid for it if an arbitration court rules in FAR’s favour. He has also not ruled out seeking a partner to buy the stake if Woodside’s deal with ConocoPhillips is overturned. A Woodside spokeswoman has described the arbitration as "frivolous" and without merit.

CORPORATES
FAR LIMITED – ASX FAR, WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, INTERNATIONAL COURT OF ARBITRATION

Woodside signs $560m African deal

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Original article by Matt Chambers
The Australian – Page: 22 : 15-Jul-16

Australian-listed Woodside Petroleum will acquire ConocoPhillips’ stake in exploration acreage off the coast of Senegal for $US430m ($A563.4m). The deal includes ConocoPhillips’ 35 per cent stake in the SNE and FAN deepwater oil discoveries. Woodside has estimated that the SNE discovery could potentially yield about 560 million barrels of oil. The listed FAR is a partner in the Senegal joint venture, which is operated by UK-based Cairn Energy.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, FAR LIMITED – ASX FAR, CAIRN ENERGY PLC, ALLAN GRAY AUSTRALIA PTY LTD, OIL SEARCH LIMITED – ASX OSH, DEUTSCHE BANK AG