Rendering of the Sangomar Field Development FPSO (Image courtesy of SOFEC)
Australia’s oil and gas explorer FAR Ltd on Thursday postponed a vote on the sale of its stake in an oil project off Senegal for the third time while investors study a takeover offer from private investment firm Remus Horizons.
Remus’ A$209.6 million ($161.6 million) offer for FAR hinges on the Australian firm dropping its 15% stake sale in the Sangomar project to gas producer Woodside Petroleum.
A general meeting to vote on the sale has been adjourned till April 28, the company said.
($1 = 1.2974 Australian dollars)
(Reporting by Shashwat Awasthi in Bengaluru; editing by Uttaresh.V)