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BRIEF-Far Says Cash At End Of Quarter Was US$60 Mln

Published 20/10/2020, 08:49 pm
© Reuters.
FAR
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Oct 20 (Reuters) - FAR Ltd FAR.AX :

* FAR LTD - CASH AT END OF QUARTER US$60 MILLION

* FAR LTD - FAR REMAINS IN DEFAULT OF ITS SENEGAL RSSD OBLIGATIONS

* FAR LTD - PURSUANT TO RSSD AGREEMENT, OPERATOR ISSUED CASH CALL FOR OCTOBER (US$3.18 MILLION) BRINGING FAR'S TOTAL DEFAULTED PAYMENTS TO US$35.2 MILLION

* FAR LTD - PETROSEN HAS REIMBURSED FAR US$5.6 MILLION BRINGING FAR'S DEFAULT POSITION TO US$29.6 MILLION

* FAR LTD - FAR HAS SUFFICIENT CASH TO CURE DEFAULT BEFORE END OF 6 MONTH DEFAULT PERIOD

* FAR-CONFIDENT THAT IN EVENT OF ASSET SALE BEING, QUESTIONS OF GOING CONCERN WILL BE ADDRESSED & WILL PROVIDE OPPORTUNITY FOR ASX TO REMOVE SUSPENSION

* FAR LTD - WORKING TO A SOLUTION TO SENEGAL FINANCING OR SALE AS SOON AS POSSIBLE

* FAR - TOTAL FORECAST DEFAULT PAYMENTS FOR SIX MONTHS OF US$47.1M FOR SENEGAL DEFAULT

* FAR- FOR NEXT QUARTER, SEES US$2.9M EXPLORATION & EVALUATION EXPENDITURE, US$30.4M NET DEVELOPMENT EXPENDITURE

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