FAR Postpones Vote on Sangomar Sale as Shareholders Study Remus Offer

Rendering of the Sangomar Field Development FPSO (Image courtesy of SOFEC)
Rendering of the Sangomar Field Development FPSO (Image courtesy of SOFEC)

Australia's oil and gas explorer FAR Ltd on Thursday postponed a vote on the sale of its stake in an oil project off Senegal for the third time while investors study a takeover offer from private investment firm Remus Horizons.

Remus' A$209.6 million ($161.6 million) offer for FAR hinges on the Australian firm dropping its 15% stake sale in the Sangomar project to gas producer Woodside Petroleum.

A general meeting to vote on the sale has been adjourned till April 28, the company said.

 ($1 = 1.2974 Australian dollars)

 (Reporting by Shashwat Awasthi in Bengaluru; editing by Uttaresh.V)


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