Petroleum Africa
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Thursday, December 3, 2020
Woodside has given notice to the relevant parties and authorities that it will be exercising its right to pre-empt the sale by Australian independent FAR Ltd to India’s ONGC Videsh of FAR’s entire participating interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture. FAR has a 13.67% interest in the Sangomar exploitation area and a 15% interest in the remaining RSSD evaluation area.
The terms of Woodside’s acquisition will reflect those of the previously announced FAR/ONGC Transaction, including:
The acquisition remains subject to Government of Senegal approval, FAR shareholder approval and other customary conditions precedent. The acquisition will be funded from current cash reserves.
Woodside CEO Peter Coleman said the acquisition of FAR’s participating interest makes the value proposition for Sangomar even more compelling. “Sangomar is an attractive, de-risked asset in execute phase, offering near-term production. The acquisitionis value accretive for Woodside shareholders and results in a streamlined joint venture which will assist in our targeted sell-down in 2021.
“We plan to commence development drilling next year as we progress the project to targeted first oil in 2023,” he said.
Woodside’s participating interest in the RSSD joint venture will increase to 82% for the Sangomar exploitation area and 90% for the remaining RSSD evaluation area following completion of this acquisition and the Cairn acquisition announced on August 17, 2020 assuming no other joint venture participant pre-empts. Woodside will remain operator.
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