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FAR Ltd ( (AU:FAR) ) has provided an announcement.
FAR Limited reported that production at the Sangomar oil field offshore Senegal, now operated by Woodside Energy, averaged 99,000 barrels per day in the March 2026 quarter with 99.9% reliability, and that the field is performing better than expected even though Woodside anticipates declining output later in 2026. Under the contingent payment arrangement from its earlier divestment of the RSSD Project, FAR expects to receive a provisional 2025 payment of US$23.7 million in May 2026, reducing the remaining potential contingent proceeds to US$19.8 million.
The company has proposed a capital return of A$0.35 per share, totalling about A$32.3 million, subject to approval at its 28 May 2026 annual general meeting, continuing its strategy of distributing surplus funds after previous capital reductions in 2021, 2023 and 2025. FAR ended the March quarter with US$1.8 million in cash and minimal quarterly expenditure focused on corporate and administration costs, underscoring its transition into a lean corporate vehicle mainly dedicated to managing residual cash flows and capital returns to shareholders.
More about FAR Ltd
FAR Limited is an ASX-listed energy company that previously held a 13.67% interest in the RSSD Project, including the Sangomar oil field offshore Senegal. Following the sale of this stake to Woodside Energy, FAR’s activities are now centred on managing contingent payment rights from the project and returning surplus capital to shareholders, reflecting a wind-down and capital management focus rather than active exploration or production.
Average Trading Volume: 196,639
Technical Sentiment Signal: Hold
Current Market Cap: A$54.98M
Learn more about FAR stock on TipRanks’ Stock Analysis page.