January 22, 2020 / 1:03 AM / in a month

BRIEF-Far Ltd Signs MoU With Glencore

Jan 22 (Reuters) - FAR Ltd:

* SIGNED A BINDING MEMORANDUM OF UNDERSTANDING ("MOU") WITH GLENCORE ENERGY (UK) LTD

* MOU FOR FULL ALLOCATION OF COMPANY'S SHARE OF CRUDE OIL FROM SANGOMAR FIELD

* OFFTAKE EXPECTED TO BE FOR A PERIOD OF 7 YEARS FOLLOWING FIRST OIL WITH A MINIMUM OF 20 MILLION BARRELS EXPECTED TO BE PRODUCED DURING THAT TIME

* WORK CONTINUES ON PLANS FOR DEVELOPMENT OF GAS IN SANGOMAR FIELD AND A CONCEPT SELECT DECISION IS LIKELY TO BE MADE BY JV IN Q3 OF THIS YEAR

* SANGOMAR DEVELOPMENT PHASE 1 CAPITAL EXPENDITURE & OPERATING EXPENDITURE ESTIMATES REMAIN UNCHANGED

* SANGOMAR FIELD JV IS TO FINALISE A REVIEW OF ALL SOCIAL INVESTMENT PARTNERS FOR 2020-2022 IN THE NEXT MONTH Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below