for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

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:

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up