Australian junior Far Ltd has signed a binding memorandum of understanding with Glencore Energy for its share of crude from the Sangomar development off Senegal.

The MoU is still subject to the negotiation of final documentation but would provide Far with access to Glencore’s extensive global marketing and offtake resources.

“Far will benefit from Glencore’s global network and multi-decades expertise in the oil and gas landscape, including access to Glencore’s unprecedented track record in successfully creating markets for new qualities of crudes, thereby maximising the intrinsic value of the Sangomar barrels,” Far said in Wednesday’s statement.