Independent Australian company, FAR Ltd., has set a general stakeholder meeting for April 15, 2021, in which a decision regarding the offer to buy back shares in Senegal’s Rufisque Osshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint project is expected. FAR currently owns 13.6667% in the RSSD joint venture and despite previous postponements, the meeting is set to take place.
Having received incomplete offers, FAR is hopeful that at this meeting Russian Lukoil and Remus Horizons PCC Limited -the two major companies interested in repurchasing its shares – will submit their complete proposals. FAR plans to receive full details of interest from Lukoil and Remus Horizons PCC Limited who are offering a 100% share at 2.2 cents and 2.1 cents per share respectively. Australian LNG pioneer company, Woodside Energy is also a major player in the RSSD deal.
The RSSD project is a stand-alone floating production storage and offloading facility consisting of 23 subsea wells.