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BRIEF-FAR Ltd Signs Farm-Out Deal With Unit Of PETRONAS

Published 26/02/2018, 08:59 am
© Reuters.  BRIEF-FAR Ltd Signs Farm-Out Deal With Unit Of PETRONAS
FAR
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Feb 26 (Reuters) - FAR Ltd FAR.AX :

* SIGNS FARM-OUT DEAL WITH UNIT OF PETROLIAM NASIONAL BERHAD TO ASSIGN 40% INTEREST IN BLOCKS A2 & A5 IN GAMBIA

* TO RETAIN A 40% INTEREST IN EACH OF LICENCES

* PETRONAS WILL FUND 80 PERCENT OF TOTAL WELL COSTS OF SAMO-1 EXPLORATION WELL UP TO A MAXIMUM TOTAL COST OF US$45.0 MILLION

* PETRONAS TO ALSO PAY OTHER CONSIDERATION TO FAR OF US$8.6 MILLION

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