FAR Limited Faces Potential Indemnity Claim from Woodside Energy

FAR Ltd ( (AU:FAR) ) has provided an update.

FAR Limited has been informed by Woodside Energy of a potential claim under the Sale and Purchase Agreement from 2021, related to past petroleum expenditures in the RSSD Project audited by the Senegal Ministry of Petroleum. The audit raised concerns about certain costs incurred by FAR up to the end of 2013, which are now subject to discussions between Woodside and the Ministry. Depending on the outcome, Woodside may seek indemnification from FAR, which could amount to a maximum of $6.8 million, if a formal claim is made by June 2025. FAR is working with Woodside to provide necessary information and will update stakeholders on material developments.

More about FAR Ltd

FAR Limited operates in the energy sector, focusing on oil exploration and production. The company engages in projects such as the Rufisque Offshore, Sangomar Offshore, and Sangomar Deep Offshore in Senegal, where it has previously sold interests to Woodside Energy.

YTD Price Performance: 6.18%

Average Trading Volume: 2,892

Technical Sentiment Consensus Rating: Hold

Current Market Cap: $34.3M

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