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FAR Raise $34 M to Fund West African Drilling

Source: www.gulfoilandgas.com 10/29/2010, Location: Africa

FAR Limited is pleased to advise that it will raise up to $34 million to fund the drilling of FAR’s interest in the Kora Well, and possible follow up drilling, in the AGC Profond block offshore Guinea Bissau and Senegal; fund the 3D seismic program in FAR’s Guinea Bissau blocks and the possible drilling of two wells at that project within the next 12 months; fund bond requirements and commitments in relation to the Company’s three Senegal blocks; pursue further growth opportunities in the oil and gas sector; and for general working capital purposes.

The funds will be raised through a placement of 500 million shares at 5.8 cents per share (“Placement”) and a $5 million Share Purchase Plan (“SPP”) to existing shareholders, also at 5.8 cents per share.

The Placement is being made to sophisticated investors and international and domestic institutional clients of Hartleys Limited. The issue of shares pursuant to the Placement is subject to shareholder approval at a general meeting to be held on 15 November 2010. Approximately 86 million shares at 5.8 cents per share will be offered under the SPP to persons registered as shareholders as at 28 October 2010, with SPP documentation to be sent to eligible shareholders shortly. The SPP is expected to open on 5 November 2010 and close on 19 November 2010.

The capital raising will satisfy the condition precedent to the agreement with Ophir Energy plc announced to the ASX on 11 September 2010.

Commenting on the capital raising, FAR’s Executive Chairman Mr Michael Evans said: “I am very pleased with the support received for this capital raising from both international and domestic institutional investors. The proceeds from the capital raising will place FAR in a strong financial position to fund the high level of activity we have planned over the next 12 months, including the drilling of the Kora prospect early in the new year. We see this capital raising as a key milestone in the evolution of FAR which will allow us to participate in some exciting drilling opportunities and leave us well capitalised to pursue further opportunities in West African oil.” This announcement lifts the suspension of the Company’s securities.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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