As duly reported in prior public statements by ConocoPhillips and Woodside, ConocoPhillips has confirmed to FAR Ltd that it has a right of pre-emption over the proposed sale of ConocoPhillips interests in Senegal to Woodside Petroleum Limited.

FAR advises that, in its opinion, and as supported by legal advice, ConocoPhillips has failed to comply with the terms of the Joint Operating Agreement in relation to the proposed sale of its interests in the Senegal project.

As a consequence FAR believes that the pre-emption period has not yet commenced.

FAR has advised ConocoPhillips of this and both parties have been urged by the Government of Senegal to reach an amicable solution on this matter. FAR has also advised the Government of Senegal that it will participate in prompt efforts to reach an amicable solution to this matter.

FAR looks forward to updating the market when the pre-emption timetable has been finalised.

About FAR

FAR Limited (ASX:FAR) is an independent, Australian Securities Exchange listed (ASX: FAR), oil and gas explorer with high potential exploration and pre-appraisal assets in West and East Africa.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 21 countries, $20 billion in annualized revenue, $100 billion of total assets, and approximately 15,600 employees as of March 31, 2016. Production, excluding Libya, averaged 1,578 MBOED for the three months ended March 31, 2016, and proved reserves were 8.2 billion BOE as of Dec. 31, 2015.

About Woodside

Woodside(ASX: WPL) is Australia’s largest independent oil and gas company, with a proud history of safe and reliable operations spanning decades.
As the largest operator of oil and gas in Australia, Woodside produces around 900,000 barrels of oil equivalent each day from a portfolio of facilities which we operate on behalf of some of the world’s major oil and gas companies.