Private investment fund Remus Horizons notified FAR Limited – an Australian oil company operating in Senegal’s RSSD offshore area – of its intention to takeover FAR’s assets in the Sangomar offshore oil development, a day ahead of the expected FAR shareholders meeting to approve the Woodside Energy transaction.  

Remus has offered to buy FAR stock at AU $2.1. FAR had intended to sell its 15% stake to Woodside, the current operator. The Remus offer is said to be conditional on the rejection of Woodside’s offer by FAR.  

“The FAR Board recognizes that FAR shareholders are likely to want an opportunity to consider the implications of this prior to voting on the sale resolution. Accordingly, the FAR Board intends to address this development as the first item of business at the meeting, including whether shareholders would seek more time to consider its implications,” FAR said in a statement.  

Click on the link below for full report

Source: AfricaOilandPower