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FAR LIMITED(FAR)

Click here for free access to this company's:
ASX, Legal & CGT Status

Former (or subsequent) names

Shareholder links

Our website ranking of FAR: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Computershare, Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067

Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000FAR6
Address: Level 17, 530 Collins Street, Melbourne, VIC 3000
Tel:  (08) 9380 6181 Fax: (08) 9380 6640

Date first listed: 23/01/1986
Company Secretary: Elisha Larkin
Sector: Energy Industry Group: XEJ
Activities: 

News & Events

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The suspension of trading in the securities of FAR Limited will be lifted from the commencement of trading on Friday, 23 July 2021, following completion of the sale of the Senegal RSSD project.

22/07/2021

The company releases a pre-reinstatement disclosure.

22/07/2021

The company lodges its Quarterly Activities and Cashflow Report.

22/07/2021

The company releases an Investor Presentation.

22/07/2021

The securities of FAR Limited are expected to be reinstated to Official Quotation at the commencement of trading at 10:09 +/-15 secs am AEST on Friday, 23 July 2021.

22/07/2021

The company expects to provide a further update and guidance on the potential lifting of the suspension from trading within the next 48 hours.

14/07/2021

The company announces the completion of the sale of its entire interest in the Senegal RSSD joint venture to Woodside Energy (Senegal) BV. In line with guidance given at the FAR Annual General Meeting, and as a result of completion, FAR has received US$126 million from Woodside. Additional payments to FAR, up to US$55 million, are contingent on future oil price and timing of first oil, targeted for 2023. Now that the sale of FAR's interest in the Senegal RSSD joint venture has completed, FAR can commence discussions with ASX on reinstating FAR's securities and will provide an update to the market within the next seven days.

07/07/2021

Woodside Energy (Senegal) B.V. has completed the acquisition of the entire participating interest of FAR Senegal RSSD S.A. (FAR) in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. The purchase price was US$45 million plus a working capital adjustment of approximately US$167 million to reflect the acquisition effective date of 1 January 2020. The final completion payment to FAR, after adjustments and remedying of FAR's defaults under the joint operating agreement, was approximately US$126 million. Additional payments of up to US$55 million are contingent on future commodity prices and timing of first oil.

07/07/2021

Following shareholder approval at the AGM on 22 June 2021, the consolidation of the issued capital of FAR on the basis of one (1) security for every one hundred (100) securities is now complete. The post-consolidation securities on issue are as follows; fully paid ordinary shares: 99,790,492.

02/07/2021

The company releases the results of its meeting.

22/06/2021

The company releases its Annual General Meeting Presentation.

22/06/2021

The company releases a notification of consolidation of securities. Shareholders get 1 share for every 100 presently owned.

21/06/2021

Rig contract executed for drilling Bambo-1 exploration well, offshore The Gambia. Bambo well targeting 1.118 billion bbls of prospective resources (best estimate, 100%, recoverable). Well located to drill the extension of the Sangomar Field into The Gambia concurrently with two additional prospects.

16/06/2021

The company has satisfied the condition precedent for the sale of its interest in the RSSD project to a member of the Woodside group relating to the termination of a third-party contract. It has received formal notification from the Senegalese Minister of Petroleum and Energies that it approves the transfer of FAR's RSSD interest to Woodside.

31/05/2021

The Annual General Meeting of the shareholders of the Company will be held at 11.00am (Melbourne time) on Tuesday, 22 June 2021 virtually and at the offices of Baker McKenzie at Level 19, 181 William Street, Melbourne. Shareholders may attend the AGM virtually by visiting https://web.lumiagm.com. Meeting ID: 300-678-968.

21/05/2021

ASX has advised it will not reinstate trading of FAR shares at this time. ASX has now advised that the sale of FAR's interest in the Senegal RSSD Joint Venture will need to be completed before reinstatement of trading of its shares can be considered.

12/05/2021

The company lodges the following: Quarterly Activities Report and Appendix 5B, Corporate Governance Statement and Appendix 4G and Annual Report to shareholders.

30/04/2021

At the general meeting of FAR shareholders held earlier today and adjourned from 15 April 2021, shareholders approved the sale of the company's Senegal RSSD project to Woodside. The results of the vote on Resolution 1: "Disposal of Interest in the RSSD Project" were as follows: For: 97.25%; Against: 2.75%.

28/04/2021

FAR has received 2 further letters from Remus, which made clear that the proposed Remus takeover offer won't be proceeding. The FAR Board continues to strongly recommend that shareholders vote in favour of the sale of its interest in the RSSD Project at the shareholders meeting. Meeting details for the 28 April 2021 shareholders meeting (aside from the change in relevant dates) remain the same as those specified in the Second Addendum to the Notice of General Meeting issued by FAR on 31 March 2021.

21/04/2021

At the general meeting of FAR shareholders today, a motion to adjourn the meeting until 28 April 2021 in order to give shareholders time to consider the Remus takeover proposal was moved and seconded by shareholders. The general meeting was adjourned and will recommence at 10am on 28 April 2021 at the same location and using the same hybrid mechanism as previously outlined.

15/04/2021

The company received a letter from Remus Horizons PCC Limited advising its intention to make a takeover offer for FAR shares at 2.1 cents per share. This is conditional only on sharehoders rejecting the sale of FAR's interest in the RSSD Project and the FAR Directors confirming that there is no intention to dispose of this interest prior to the closing of the takeover offer. FAR shareholders are due to consider approving this sale at a shareholders' meeting which has been convened for tomorrow, 15 April 2021.

14/04/2021

FAR has been advised by Lukoil that the Lukoil Proposal is not proceeding to a legally binding offer. FAR has convened a shareholders meeting on 15 April 2021 to consider approving the sale of its interest in the Senegal RSSD project to Woodside. The FAR directors continue to support the Woodside sale. If a takeover offer from Remus Horizons PCC Limited or any alterative offer emerges, the directors will update shareholders accordingly and may reconsider their recommendation.

01/04/2021

The company is about to commence the dispatch of a second addendum to the notice of meeting relating to the rescheduled general meeting to be held at 10:00am (AEST) on 15 April 2021.

31/03/2021

The company lodges its Unaudited Financial Report for YE Dec 31 2020.

30/03/2021

Effective prior to the open on March 22, 2021, FAR was removed from the S&P/ASX 300 Index.

12/03/2021

The Remus Horizons PCC Limited non-binding indicative proposal to acquire all the shares in FAR at 2.1 cents per share remains incomplete at this point in time. The PJSC Lukoil non-binding indicative proposal to acquire all the shares in FAR at 2.2 cents per share remains incomplete at this point in time. In these circumstances, FAR has determined to reconvene the shareholders meeting to 10 am on 15 April 2021.

12/03/2021

Overnight, FAR Limited received a conditional non-binding indicative proposal from PJSC Lukoil, one of the world's largest publicly traded energy companies, to acquire 100% of the shares of FAR at A2.2c cash per share. Lukoil is headquartered in Russia. The Lukoil Proposal values FAR at A$220 million. Lukoil has stated that the price proposed by it represents a higher value for FAR shareholders than both the proposed sale of the RSSD project to Woodside Energy (Senegal) BV and the incomplete proposal from Remus Horizons PCC Limited. FAR has not received a binding offer from Remus. Lukoil has stated that the Lukoil Proposal will be funded from available internal cash reserves and that any formal binding offer would not include any financing conditions. In these circumstances, FAR has determined to postpone the shareholders meeting currently scheduled for 18 February 2021.

17/02/2021

FAR Limited is about to commence the dispatch of an Addendum to the Notice of Meeting relating to the General Meeting of Shareholders to be held at 10:00am (AEDST) on Thursday, 18 February 2021, postponed from the original date of 21 December 2020. A copy of the addendum was released.

08/02/2021

9,353,000 unlisted performance rights have lapsed in accordance with the terms of the FAR Performance Rights Plan.

03/02/2021

The company lodges its Quarterly Activities and Cashflow Report.

29/01/2021

On 19 January 2021 the FAR group executed a Sale and Purchase Agreement with Woodside in relation to the sale. The agreement with Woodside is on the same terms and conditions as the previously announced sale to ONGC Videsh Vankoreft Pte Ltd, details of which are detailed in FAR's Notice of Meeting dated 18 November 2020. FAR shareholders are due to consider authorising the agreement with Woodside at a shareholders' meeting to be held on 18 February 2021.

20/01/2021

FAR has obtained further information from Remus in relation to the Remus Proposal as follows: Remus is presently finalising the funding arrangements in advance of making the proposed offer. The only internal and regulatory approval required to proceed with the offer is the final approval of the Remus Board and final review and confirmation of documentation. Remus is presently satisfied that it will not need to undertake any further due diligence on FAR. FIRB approval is not required and any offer made will not be conditional on FIRB approval. Any proposed offer is expected to be subject to a requirement that Remus achieves a controlling interest in FAR together with other customary conditions. In these circumstances, FAR has determined to further postpone the shareholder meeting to consider approving the Woodside Sale currently scheduled for 21 January 2021 to 10.00 am on 18 February 2021.

08/01/2021

The company releases the attached equity derivatives disclosure letter received from FAR shareholder, Athos Capital Limited.

21/12/2020

The company has received a conditional non-binding indicative proposal from Remus Horizons PCC to engage in further discussions and further investigations for the purpose of evaluating its capacity to make an offer or announce an intention to make an offer to acquire 100% of the shares of FAR at 2.1c cash per share.

17/12/2020

The company has received notification from Woodside Energy that it has exercised its pre-emptive right to acquire FAR's interest in the Senegal RSSD Project. Such pre-emption is on the same terms and conditions as the proposed sale to ONGC Videsh Vankoreft. FAR shareholders are due to consider authorising a sale of the Senegal RSSD asset at a shareholders meeting which has been convened for 21 December 2020. The shareholder meeting documentation expressly contemplated that such authorisation would cover the exercise of a pre-emptive right. Hence there is no change to the process contemplated.

04/12/2020

Woodside has given notice exercising its right to pre-empt the sale by FAR Senegal RSSD SA to ONGC Videsh Vankorneft Pte Ltd of FAR's entire participating interest in the Rufisque, Sangomar and Sangomar Deep joint venture. FAR has a 13.67% interest in the Sangomar exploitation area and a 15% interest in the remaining RSSD evaluation area. The acquisition remains subject to Government of Senegal approval, FAR shareholder approval and other customary conditions precedent. The acquisition will be funded from current cash reserves.

03/12/2020

The company's general meeting will be held at 10:00am (AEDST) on 21 December 2020 via webcast.

18/11/2020

Together with its wholly owned subsidiaries, FAR Senegal RSSD SA and FAR Holdings 1, the company has entered into an RSSD sale and purchase agreement with ONGC Videsh Vankorneft in respect of FAR's entire interest in the production sharing contract for the Rufisque, Sangomar, and Sangomar Deep Offshore Blocks offshore Senegal and the relevant joint operating agreement. ONGC has agreed to pay FAR US$45 million at completion. ONGC has agreed to reimburse FAR's share of working capital for the RSSD Project from 1 January 2020 totalling US$66.58 million, payable on completion.

11/11/2020

The company lodges its Quarterly Activities and Cashflow Report.

20/10/2020

ASX's queries and FAR's response were released on Friday, 2 October and ASX has advised that FAR will remain suspended from the ASX until such time that the disclaimer of review opinion has been removed. FAR is unable to provide a timeframe at this stage. The company remains fully focused on the sale of its Sangomar interest.

05/10/2020

The company issues a response to ASX Query Letter.

02/10/2020

FAR have exchanged communications and ASX currently expects to complete their process later this week. The Voluntary Suspension therefore remains in place until a further announcement in respect of the Half Year Accounts is made.

28/09/2020

The securities of FAR Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of FAR, pending the release of an announcement regarding the half year accounts.

14/09/2020

The suspension of trading in the securities of FAR Limited (the "Company") will be lifted immediately following the release of an announcement concerning the Senegal drilling program. Security Code: FAR

30/06/2014

The securities of FAR Limited (the "Company") will be suspended from quotation immediately at the request of the Company, pending the release of an announcement. Security Code: FAR

23/06/2014

The 15% redeemable unsecured convertible notes of Far Limited maturing on 31 January 2012 will be suspended from official quotation at the close of business on Monday 23 January 2012. Security Code: FARGA

20/01/2012

securities reinstated

29/10/2010

the securities of FAR Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement

27/10/2010

name changed from First Australian Resources Limited

02/06/2010
OFX Transferring Money Internationally to Free

 

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This company has been shifted to Computershare Registry

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22/11/2016 19:13:07

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    04/08/2021Patrick O'Connor63,475$1.201$76,254
    26/07/2021Patrick O'Connor36,525$1.201$43,878
    24/02/2020Nicholas Limb10,000,000$0.031$310,000
    19/02/2020Reg Nelson1,000,000$0.013$13,000
    14/02/2020Catherine Norman640,000$0.031$19,840

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Patrick O'ConnorChairman01/07/2021
    Catherine NormanManaging Director, CEO28/11/2011
    Victoria McLellanCFO01/07/2021
    Robert KayeIndependent Director30/06/2021

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Peter ThiessenCFO20/08/201201/07/2021
    Nicholas LimbNon Exec Chairman28/11/201130/06/2021
    Reg NelsonNon Exec Director08/04/201530/06/2021
    Timothy WoodallNon Exec Director03/08/201721/06/2021
    Julian FowlesNon Exec Director15/10/201931/10/2020
    Ben ClubeExecutive Director12/04/201327/08/2018
    Albert BrindalNon Exec Director20/12/200729/05/2017
    Charles CavnessNon Exec Director17/05/199415/05/2015
    Colin HarperCFO24/08/200730/09/2012
    Michael EvansChairman01/01/198519/04/2012
    Warwick GrigorNon Exec Director03/04/2008

    Date of first appointment, title may have changed.