FAR is preparing to withdraw from the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea Bissau.
Courtesy FAR Ltd.
Offshore staff
MELBOURNE, Australia – FAR is preparing to withdraw from the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea Bissau.
The company has issued notices of withdrawal to the Government and the blocks’ operator Petronor in accordance, after the partners’ joint efforts to farm-down their interests were unsuccessful.
FAR added that it has already met the minimum financial commitments associated with the license, with no further commitments in place for 2022, and has impaired $2.7 million of capitalized costs associated with the Guinea Bissau project in the 2021 year.
