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BRIEF-Australia's FAR Ltd Says Proposing To Sell To ONGC Its Interest In RSSD Project

Published 11/11/2020, 08:37 am
Updated 11/11/2020, 08:42 am
© Reuters.
FAR
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Nov 11 (Reuters) - FAR Ltd FAR.AX :

* ENTERED INTO AN RSSD SALE AND PURCHASE AGREEMENT WITH ONGC VIDESH VANKORNEFT PTE LTD

* AS CONSIDERATION FOR SALE ONGC HAS AGREED TO PAY FAR US$45 MILLION AT COMPLETION

* ONGC AGREED TO REIMBURSE FAR'S SHARE OF WORKING CAPITAL FOR RSSD PROJECT FROM 1 JANUARY 2020 TOTALLING US$66.58 MILLION

* FAR EXPECTS TO HAVE ABOUT US$130 MILLION IN CASH AT CLOSE OF TRANSACTION

* ONGC REIMBURSEMENT COMPRISED OF CASH CALLS PAID BY FAR, INCLUDING US$29.60 MILLION PAID TO CURE FAR'S DEFAULT TO JV

* UNDER TRANSACTION, FAR IS PROPOSING TO SELL TO ONGC ITS INTEREST IN RSSD PROJECT

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