Australia’s FAR Ltd has bought 50% stakes in Block A2 and Block A5, located in The Gambia’s offshore zone, from its partner Petronas (Malaysia), bringing its stake in both sites up to 100%. The value of the deal has not been made public.

The ASX-listed company said earlier this year that it was looking to farm down its working interest in the blocks and bring a new partner on board, either to carry the cost of drilling another exploration well in late 2023 or for a sale of the entire package. FAR indicated in the statement, though, that the financial issues that led it to consider a farm-out had changed somewhat.

Specifically, it explained that it had successfully negotiated with the government of The Gambia, as part of the acquisition deal, for the removal of the requirement for drilling an additional exploration well during the next two-year licence term for the blocks, which is due to begin on October 1, 2022.

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