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FAR Ltd directors continue to support oil & gas strategy with on-market purchases

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

FAR Ltd - FAR Ltd directors continue to support oil & gas strategy with on-market purchases
FAR and its development partners are working towards first oil from the world-class Sangomar field

FAR Ltd (ASX:FAR) directors continue to support the company’s oil and gas development strategy with on-market share purchases and this week chairman Nicholas Limb acquired 10 million shares.

These shares were purchased at 3.1 cents per share and take the chairman’s overall holding to more than 45.6 million shares in an indirect interest.

Other February purchases

Last week non-executive directors Reg Nelson and Julian Fowles also made on-market purchases.

On February 18, Fowles added 640,000 shares to his holding at 3.1 cents per share and now has almost 1.496 million shares in one direct and one indirect interest.

A day later Nelson paid 3.13 cents per unit in adding 1 million shares, taking his overall holding to more than 2.205 million shares in one direct and one indirect interest.

These on-market trades follow others this month by non-executive director Tim Woodall and managing director Cath Norman.

Woodall bought 700,000 shares at 3.2 cents per share while Norman added 640,000 at 3.1 cents each.

SPP participation

During January the five directors almost demonstrated their confidence in FAR by participating in a share purchase plan which raised $11.18 million, adding to $146 million raised late last year from institutional and sophisticated investors via a conditional equity placement.

The directors each purchased 705,882 shares valued at $30,000, which was the maximum amount allowed for individual shareholders in the SPP.

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 share of the capex to first oil from Sangomar is US$492 million, which includes a 10% contingency.

The financing package includes FAR’s existing cash reserves, a US$350 million senior debt facility and a junior debt facility of up to US$150 million.

Quick facts: FAR Ltd

Price: 0.011 AUD

ASX:FAR
Market: ASX
Market Cap: $109.77 m
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