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FAR Ltd managing director shows faith in the company through on-market purchase

The company’s mission is to generate value that rewards shareholder investment and other key stakeholders through continued growth and exploration success.

FAR Ltd - FAR Ltd managing director shows faith in the company through on-market purchase
FAR is an oil & gas exploration and development company with high-value assets in West Africa

FAR Ltd’s (ASX:FAR) managing director Catherine Norman has shown faith in the company’s oil and gas strategy through an on-market share transaction.

Norman acquired 640,000 ordinary shares on Friday, February 14, at a value of 3.1 cents per share.

This increased the number of securities held to more than 23.67 million in a direct interest and in excess of 1.645 million in an indirect interest.

Norman is a professional geophysicist who has 20 years’ experience in the mineral and oil and gas exploration industry, having held executive positions in Australia and the UK.

Capital raising

The on-market transaction comes after five directors, including Norman, demonstrated their support of the company in late January 2020 by participating in a share purchase plan, which raised $11.18 million.

This SPP adds to the $146 million raised late last year from institutional and sophisticated investors via a conditional equity placement of shares at 4.25 cents each.

Proceeds from the capital raisings form part of the planned financing package to fund FAR’s capex to first oil from the Sangomar Oil Field development, offshore Senegal.

Quick facts: FAR Ltd

Price: 0.016 AUD

ASX:FAR
Market: ASX
Market Cap: $159.66 m
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