Beleaguered Australian junior Far Ltd has decided to quit exploration blocks offshore Guinea-Bissau after failing to find farm-in partners for the acreage.
The move came just a day after a bid to acquire Far by Samuel Terry Asset Management — trustee of the Samuel Terry Absolute Return Active Fund — fell through.
Far said it has started steps to withdraw from the blocks 2, 4A and 5A by providing notices to the government and Oslo-listed PetroNor, the acreage operator.
The Australian junior said its joint efforts with PetroNor to farm down their interest “have been unsuccessful.”
Far noted it has already met the minimum financial commitments associated with the license, and there are no 2022 commitments in place.
The company said it has impaired US$2.7 million of capitalised costs associated with the Guinea Bissau project in 2021.
Officials at PetroNor — which currently holds a 78.57% stake in the acreage — said in a results call on 2 March that the company was in discussions with international oil companies about farming in to its acreage in Guinea Bissau as well as Block A4 offshore Gambia.
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