May 30 (Reuters) - Australian oil and gas explorer FAR Ltd FAR.AX on Wednesday cut the estimated capital cost for the SNE oil development off Senegal by 33 percent to $2 billion.
Chairman Nic Limb also said the cost of developing offshore oil reserves and an arbitration case between the firm and joint venture partner ConocoPhillips (NYSE:COP) had weighed on the company's share performance.
Shares in the firm, which have gained about 15 percent this year, were trading 1.1-percent higher in a lower overall market.