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Tribunal rules in favour of Woodside on Senegal oilfield stake

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02/14/2020 | 03:11am EST
The shadow of a man is cast onto a poster displaying the logo for Woodside Petroleum, Australia's top independent oil and gas company, at a briefing for investors in Sydney,

FAR Ltd said on Friday a tribunal ruled that the Africa-focused oil explorer did not have a pre-emptive right on ConocoPhillips' sale of its stake in a Senegal oil and gas field to Woodside Petroleum.

The $350-million sale of a 35% stake in the Senegal oil field by ConocoPhillips in 2016 was challenged by FAR at the International Chamber of Commerce.

FAR said it was going through the arbitration award. It holds a 15% stake in the Sangomar oilfield that also counts Cairn Energy Plc as a stakeholder.

Woodside had no immediate comment.

Shares of FAR slumped nearly 9% in early trade to A$0.031 - their lowest level since the middle of 2013.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)

Stocks mentioned in the article
ChangeLast1st jan.
CAIRN ENERGY -3.57% 167.7 Delayed Quote.-18.20%
CONOCOPHILLIPS -0.75% 58.44 Delayed Quote.-10.13%
DOW JONES AFRICA TITANS 50 INDEX 0.64% 528.2 Delayed Quote.-1.65%
FAR LIMITED 0.00% 0.031 End-of-day quote.-29.55%
LONDON BRENT OIL -1.13% 58.45 Delayed Quote.-10.42%
RIGHT ON CO., LTD. 0.53% 573 End-of-day quote.0.70%
S&P AFRICA 40 INDEX 0.21% 166.22 Delayed Quote.-3.99%
WOODSIDE PETROLEUM LTD -0.15% 33.2 End-of-day quote.-3.29%
WTI -0.28% 53.31 Delayed Quote.-12.39%
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