Australia’s FAR did not exercise its right to pre-empt the sale of Cairn Energy’s stake in the Sangomar field, as the company works to find a buyer for its own interest.

FAR was declared to be in default of its funding obligations at Sangomar as of June 23.

Russia’s Lukoil struck a deal with Cairn on July 27. The operator of Sangomar, Woodside, said it would pre-empt the sale of the 40% stake to Lukoil on August 17.

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Source: EnergyVoice