FAR receives off-market takeover bid from Remus Horizons
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FAR receives off-market takeover bid from Remus Horizons

15 Apr 2021 (Last Updated April 15th, 2021 15:14)

Australian oil and gas company FAR has received off-market takeover offer from private investment fund Remus Horizons PCC for $159.15m (A$209.6m).

FAR receives off-market takeover bid from Remus Horizons
Woodside Energy is the operator of the RSSD joint venture. Credit: Julius Romero / Pixabay.

Australian oil and gas company FAR has received off-market takeover offer from private investment fund Remus Horizons PCC for $159.15m (A$209.6m).

Remus Horizons, which a private investment fund regulated by the Guernsey Financial Services Commission, has offered $0.016 (A$0.021) per share in cash to FAR’s shareholders.

Remus’ proposed takeover is contingent on FAR’s shareholders voting against the sale of the company’s 15% stake in the $4.2bn Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore project (RSSD project) offshore Senegal.

Additionally, the offer is subject to FAR’s board of directors confirming the company’s intention not to sell the stake prior to the closing of the offer.

Remus Horizons noted that its offer to FAR gives a clear alternative for its shareholders to the proposed stake sale in the RSSD Project to Woodside.

Last year, FAR agreed to divest a stake in the RSSD project to ONGC Videsh subsidiary ONGC Videsh Vankorneft.

The move, however, was pre-empted by Australian firm Woodside Petroleum in December.

The investment fund said that the offer would be attractive for FAR when considering the associated risks and uncertainties of continuing as a shareholder.

Of the current funding capacity totalling $400m, Remus Horizons said it had allocated up to $250m to fund the potential transaction with FAR.

Woodside Energy is the operator of the RSSD joint venture, which also comprises Crain Energy subsidiary Capricorn Senegal (40%), Woodside Energy (35%), FAR (15%) and Senegal national oil company Petrosen (10%).