FAR Ltd said on Friday it would delay a shareholder vote on a stake sale in the Sangomar oil project in Senegal to Woodside Petroleum for Remus Horizons PCC Ltd to finalise funding for its takeover offer.
The oil and gas explorer said Remus had completed due diligence for its proposed A$209.6 million ($162.42 million) bid, which is conditional on FAR dropping the 15% stake sale in the Sangomar project to Australia's top independent gas producer.
FAR will delay the shareholder meeting on the sale by four weeks to Feb. 18.
Remus, a private investment firm, may offer a $50 million bridge loan to the Africa-focused oil and gas explorer to meet cash calls at the troubled $4.2 billion Sangomar project, FAR said.
FAR needs to pay $8.89 million plus interest for a November cash call and $6.48 million plus interest for one in December that will leave it with just $10.3 million in cash.
Woodside is the largest shareholder and operator of the Sangomar project.
($1 = 1.2905 Australian dollars)
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)
