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FAR Ltd secures $45 million in share placement

The oil and gas company is focused on its portfolio of offshore assets in northwest Africa.
toy blocks that spell out FUNDING
First oil from the SNE Field is expected in 2022

FAR Ltd (ASX:FAR) has completed a $45 million capital raising through a placement of shares to institutional and sophisticated investors priced at 5.5 cents each.

Proceeds will fund ongoing interest in the SNE Field development, preparatory work for the proposed 2020 drilling program, Australian seismic and processing costs.

FAR is focused on its portfolio of exploration licences in Senegal, The Gambia and Guinea-Bissau.

It also holds acreage surrounded by proven petroleum systems in the state of Western Australia and exploration acreage in the emerging oil and gas province of Kenya.

READ: FAR targets investment decision for SNE Senegal oil project this year

FAR has an interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture, which holds the licences offshore Senegal, The Gambia, and Guinea-Bissau.

Oil and gas giant Woodside Petroleum (ASX:WPL) is the operator of the RSSD joint venture, which contains the SNE Field.

The SNE deep-water oil field is expected to be Senegal’s first offshore oil development after two world-class, offshore oil discoveries; FAN-1 and SNE-1, were made in Senegal in late 2014.

Targeting first oil by 2022

The field has 5 billion barrels of oil in place, with the company having plans for a development to extract 500 million of those barrels.

A final investment decision is pencilled in for the September quarter of 2019.

If the company opts to develop the oilfield asset, FAR would hope to achieve first oil at SNE by 2022.

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