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FAR Ltd ( (AU:FAR) ) has shared an update.
FAR Limited has reached a settlement with Woodside Energy (Senegal) BV over a US$6.0 million claim tied to the sale of FAR’s interest in the RSSD Project in 2021. The dispute stemmed from a decision by Senegal’s Ministry of Energy, Petroleum and Mines that prevented Woodside from recovering certain petroleum expenditures, triggering an indemnity obligation under the original sale agreement. FAR will promptly pay the full claim amount, for which it has already reserved funds, while the settlement preserves upside for FAR by requiring Woodside to refund any amounts later recovered from the Senegalese authorities before the end of 2030, thereby capping FAR’s immediate liability but leaving scope for partial reimbursement and reducing long-term uncertainty for shareholders.
More about FAR Ltd
FAR Limited is an Australia-based oil and gas company listed on the ASX, historically involved in exploration and development projects including the RSSD petroleum project offshore Senegal.
YTD Price Performance: -5.25%
Average Trading Volume: 67,460
Technical Sentiment Signal: Hold
Current Market Cap: A$38.35M
For an in-depth examination of FAR stock, go to TipRanks’ Overview page.