FAR Limited
FAR.AX
Australian Securities Exchange0.28
AUD
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FAR Limited
FAR.AX
(Australian Securities Exchange)
Recent
price
0.28
P/E
ratio
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- FAR Limited (ASX:FAR) operates as an independent, Africa-focused oil and gas exploration and development company. Incorporated in Western Australia in 1984 as First Australian Resources NL and listed on the Australian Securities Exchange in 1985, the company, headquartered in South Melbourne, Australia, previously held exploration licenses primarily in The Gambia and Senegal; its core activities now center on realizing value from a contingent payment tied to the 2021 sale of its entire interest in the Senegal Rufisque, Sangomar, and Sangomar Deep (RSSD) offshore blocks. The contingent payment, with a maximum value of US$55 million from Woodside Energy, relates to production milestones from the Sangomar Field Phase 1 development, which achieved first oil in June 2024, and terminates on the earliest of December 31, 2027, three years from first oil (excluding zero-production periods), or the full payment amount. FAR's principal asset is the Woodside contingent payment entitlement, stemming from the July 2021 transaction in which it received US$126 million in upfront cash consideration for transferring its 15% working interest in the RSSD blocks to Woodside; no active exploration, drilling, or production operations remain following the divestment. The company targets shareholders through the monetization of this receivable, with recent provisional payments including US$11.5 million received in 2024 linked to Sangomar production thresholds. In recent developments, FAR issued its 2024 Annual Report in March 2025 and a Half Year Report in August 2025, alongside declaring dividends including A$0.08 per share ex June 4, 2025; it also provided a 2024 Contingent Payment Update in March 2025 confirming ongoing progress toward further tranches. A US$6 million claim from Woodside emerged in May-June 2025 over alleged non-recoverable petroleum expenditures from the Senegal sale, disputed by FAR pending documentation and aligned with Senegalese regulatory interpretations limiting recoverability to exploration costs. No new partnerships, acquisitions, funding rounds, product launches, or expansions were announced in the last 1-2 years, with focus remaining on contingent payment realization and corporate wind-down activities.