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FAR director Tim Woodall shows confidence in company with on-market purchase

The company is entering a transformational phase as plans take shape for the Sangomar Oil Field development, offshore Senegal.

FAR Ltd - FAR director Tim Woodall shows confidence in company with on-market purchase
FAR is an oil & gas company with high-value assets in West Africa

FAR Ltd (ASX:FAR) director Tim Woodall has shown confidence in the company’s oil and gas strategy through an on-market transaction valued at more than $22,000.

The non-executive director acquired 700,000 shares at 3.2 cents per share on February 18, increasing his total holding in an indirect interest to almost 3.656 million.

Additional acquisitions

This transaction comes after managing director Cath Norman acquired 640,000 ordinary shares on-market at 3.1 cents per share, increasing her direct interests to more than 23.67 million and indirect interests in excess of 1.645 million.

Five directors also 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.

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

Quick facts: FAR Ltd

Price: 0.011 AUD

Market: ASX
Market Cap: $109.77 m

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