FAR Limited has taken the Final Investment Decision ("FID") and received final credit approvals for an underwritten $300 million senior secured reserve-based lending ("RBL") facility for the Sangomar Field Development offshore Senegal. FAR announced a binding and committed underwritten $300 million senior secured reserve-based lending ("RBL") facility has been approved by Macquarie Bank Limited, BNP Paribas and Glencore, each to the amount of $100 million. The facility is a key part of the funding package to develop FAR's interest in the Sangomar oil field in Senegal. The facility has a 7-year term (with 4-year repayment holiday) and is priced at a margin of 7.75% over LIBOR. Undrawn facility amounts will attract a Commitment Fee of 40% of the margin. The banks' underwriting is subject to the successful conclusion of pre-placement market soundings. Over the coming months, FAR will conclude the documentation process for the RBL facility, select its preferred provider of junior debt and conclude the necessary funding for the Sangomar project.