As a result, FAR’s stake in the Sangomar Exploitation Area decreases from 15% to 13.67%.
Petrosen is now required to reimburse the other RSSD venturers their pro-rata share of the 8% of expenses relating to the Sangomar Exploitation Area incurred since 8 January 2020. As at the end of June 2020, the share due to FAR is US$4.79 million.
FAR’s Managing Director, Cath Norman said, “FAR has long planned for Petrosen’s interest accretion and it has been reflected in our modelling and communications. The FAR Board continues to pursue a sale of all or part of FAR’s stake in lieu of an alternate financing option.”
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/21082020/petrosen-increases-stake-in-sangomar-project/