FAR weighing options for Gambian assets
PERTH (miningweekly.com) – ASX-listed FAR on Tuesday flagged a range of strategies to realise value.
Chairperson Patrick O’Connor told shareholders at the company’s annual general meeting that FAR is undertaking a review to determine how best to realise value from its investment in Gambia.
He told shareholders that subject to the conclusion of discussions with the company’s joint venture partner and the Gambia government on the optimal path forward, prior to the permit expiring in September, the company would look to secure a transaction with a "suitably qualified" party to ensure that its value creation strategy could be enacted.
O’Connor said that, depending on the nature of the transaction, the board would also consider separating the oil and gas assets by way of a demerger into a separately listed company.
FAR currently has interests in two deepwater blocks in Gambia, and the company is operator of both blocks.
O’Connor told shareholders that while FAR was exploring options to progress the Gambia assets, the company did not have the option of maintaining the status quo. The company is reviewing a pipeline of new oil and gas opportunities both in Africa and beyond, and is also considering new business initiatives across the energy transition sector.
In the meantime, FAR will be focused on financial discipline and "right-sizing" the corporate structure and expenses to reflect the operating structure and outlook, O’Connor said, noting that various cost-saving measures had been introduced and further measures would be implemented throughout the year.
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