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FAR withdraws from Guinea-Bissau interests

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Oilfield Technology,

FAR Ltd. has commenced steps to withdraw from its interests in the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea-Bissau.

FAR has provided its notices of withdrawal to the Government of Guinea-Bissau and operator Petronor in accordance with the relevant agreements. Joint efforts by FAR and operator Petronor to collaboratively farm-down have been unsuccessful.

FAR has already met the minimum financial commitments associated with the license, and there are no 2022 commitments in place, therefore FAR does not expect to incur any new material expenses related to these interests. FAR impaired US$2.7 million of capitalised costs associated with the Guinea Bissau project in 2021.

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