Australian junior Far Ltd has struck a deal to sell its stake in the Sangomar oil and gas field off Senegal to operator Woodside Petroleum for $166.6 million, a move that jeopardises a takeover offer by private investment fund Remus Horizons.

Far had planned to offload its 13.67% stake in the field and its 15% interest in the wider Rufisque, Sangomar and Sangomar Deep exploration licence to India's ONGC Videsh.

However, Woodside exercised its pre-emption right, as it did before when former partner Cairn wanted to sell to Russia's Lukoil.