U.S. Markets closed

BRIEF-FAR Says Republic Of Gambia Approves Farm-Out To Petronas In Blocks A2 And A5

Aug 28 (Reuters) - FAR Ltd:

* REPUBLIC OF GAMBIA APPROVES FARM-OUT TO PETRONAS IN BLOCKS A2 AND A5

* MINISTRY OF PETROLEUM AND ENERGY, GAMBIA APPROVES ASSIGNMENT OF 40 PERCENT INTEREST TO PETRONAS IN BLOCKS A2 & A5

* PETRONAS TO FUND 80% OF EXPLORATION WELL COSTS OF SAMO-1 WELL UP TO TOTAL GROSS COST OF US$45.0 MILLION

* CO TO RECEIVE CASH PROCEEDS COMPRISING BACK COST REIMBURSEMENTS & CONSIDERATION TOTALLING A$19M AS AT END JUNE 2018

* IN ADDITION TO WELL COSTS, PETRONAS TO PAY FAR CASH CONSIDERATION OF US$6 MILLION PLUS 80% OF NON- WELL BACK COSTS

* SECURED CONTRACT WITH UNIT OF STENA DRILLING WHO WILL PROVIDE & OPERATE STENA DRILLMAX DRILLSHIP TO DRILL SAMO-1 WELL IN LATE 2018 Source text for Eikon: Further company coverage: