(Adds details on Remus letter, FAR's recommendation)
April 21 (Reuters) - Australian oil and gas explorer FAR Ltd FAR.AX said on Wednesday it was certain that Remus Horizons would not proceed with its A$209.6 million ($161.6 million) takeover proposal, after receiving two letters from the private investment firm outlining various issues.
Remus said in the first letter that it would be unable to lodge its bidder's statement over the coming days, as it recently had its registration as a private investment fund suspended, FAR said in a statement.
In the other letter authored by a different signatory, the private investment firm said the takeover offer was not properly authorised by it, and that the company did not have the funding to complete the takeover and its board would not approve a bidder's statement, FAR added.
Remus Horizons is the petroleum fund of Remus Corp, which did not immediately respond to a request for comment via email.
In April, FAR postponed a vote on the sale of its stake in an oil project off Senegal for the third time to gain time to study Remus' takeover offer that hinged on the Australian firm dropping the stake sale. light of these letters, FAR said it strongly urged that shareholders vote in favour of the sale of its interest in the project to Australian gas producer Woodside Petroleum WPL.AX at the shareholders meeting on April 28.