FAR Limited (ASX:FAR) is an independent, Africa-focused oil and gas exploration company that holds a portfolio of exploration licenses primarily offshore The Gambia in Blocks A2 and A5, where it operates as the 50% paying interest holder alongside Petronas as co-venturer; the company previously held interests in the Senegal RSSD (Sangomar) project, which it sold to Woodside Energy in July 2021 for US$126 million upfront plus contingent payments tied to oil sales. Incorporated in 1984 and headquartered at Level 4, 96-100 Albert Road, South Melbourne, Australia, FAR engages in identifying, acquiring, exploring and developing hydrocarbon assets in West Africa, targeting frontier basins adjacent to proven discoveries such as Senegal's Sangomar oil field; its core activities encompass seismic data acquisition and reprocessing, geological and geophysical modeling, drilling exploration wells like the 2021 Bambo-1 and Bambo-1ST1 campaign that confirmed a working petroleum system despite no commercial volumes, and farm-out efforts to secure partners for future drilling. Recent developments include receipt of a provisional US$11.5 million contingent payment from Woodside in May 2025 under the Senegal sale agreement, which provides for up to US$55 million based on oil prices above US$58 per barrel (capped at US$70) through 2027 or first oil milestones; in May 2025, FAR faced a US$6.03 million indemnity claim from Woodside related to unrecoverable petroleum costs disallowed by Senegal's Ministry of Energy; quarterly activities for the period ended June 2025 highlighted ongoing farm-down negotiations for Gambian blocks, a change of address announcement, and budget allocation of approximately US$6.8 million for exploration and corporate costs; Sangomar Phase 1 achieved first oil in June 2024 under Woodside operatorship, potentially triggering further contingent entitlements.