#Country Updates #News #Senegal #Upstream Oil & Gas News

Remus Horizons Backs Out of FAR Takeover

Private investment fund, Remus Horizons, has announced that it will no longer be making a takeover offer for FAR Limited’s assets in the Rufisque, Sangomar, and Sangomar Deep (RSSD) Offshore oil development in Senegal. Due to a lack of funding, Remus will not be submitting its bidders’ statement – expected on April 28, 2021 – paving the way for Australia’s Woodside Energy to complete its takeover.

Remus had, on April 14, 2021, sent a letter to FAR stipulating the intention to make a takeover offer for shares at AU $2.1 cents per share. The offer was conditional, based on FAR shareholders rejection of the sale of the company’s interest in the RSSD development to Woodside Energy, the project operator.

However, Remus sent an additional two letters to FAR, announcing that the company’s registration as a private investment fund had been suspended; that the intended takeover was unauthorized by Remus; there was a lack of funding; and that there were several factual inaccuracies contained in the original offer letter.

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Source: AfricaOilandPower

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