Takeover Offer Launched for Oil and Gas Firm FAR

OE Staff
Monday, January 31, 2022

Samuel Terry Asset Management Pty Ltd has launched a takeover offer for W. Africa-focused oil and gas company FAR.

Samuel Terry Asset Management Pty Ltd as trustee for Samuel Terry Absolute Return Active Fund launched an offer to acquire FAR’s shares at 45c cash per share. 

The bidder, which already owns a relevant interest in 4.9% of FAR's Shares, said the offer price represented a premium of 23.3% relative to the closing price of FAR Shares on ASX on the Last Practicable Date (being 28 January 2022) of A$0.365 per share.

According to the bidder, the size of the Fund is approximately $420 million. The Fund invests in Australian and international debt and equity securities, which may be listed or unlisted, and derivatives, and has approximately 300 investors, who are sophisticated wholesale investors comprising family offices, self-managed super funds, charitable organizations, and high net worth individuals.

In the event that acceptances are received for all shares on issue as at the date (other than those shares which bidder already owns) the aggregate amount of cash consideration that bidder would be required to pay would be $42,705,341.10, plus all associated transaction costs.

“The proposed offer is not yet open and will not close until mid-March at the earliest and accordingly there is no need for shareholders to take any action at this time. FAR will consider the offer and will advise shareholders of its recommendation in due course,” Australia-based FAR, which last year sold its stake in the Sangomar development offshore Senegal, said Monday.

“The takeover bid recognizes that FAR’s shares are undervalued having regard to cash backing and the potential of FAR receiving a US$55m contingent payment from the sale of its interest in the [Sangomar] project, as well as its existing oil and gas interests. The offer is conditional, including on obtaining a minimum of 50.1% acceptance level. Accordingly, there is no certainty that the intended takeover bid will complete. FAR has appointed Baker McKenzie as legal advisors in relation to the bid,” FAR said.

FAR, which after the sale of the Senegal interests decided to focus on exploration offshore Gambia, in December said its Bambo-1ST1 well offshore The Gambia had not encountered live oil columns and would be plugged and abandoned.

Categories: Energy Mergers & Acquisitions Industry News Activity Production Africa Australia/NZ

Related Stories

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Santos and QatarEnergy Agree Mid-Term LNG Supply

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

CNOOC Puts Into Production New Oil Field in South China Sea

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com