FAR to withdraw from Guinea Bissau
Australia’s FAR has started to withdraw from its interests in the Esperanca Blocks 4A & 5A and Sinapa Block 2 offshore Guinea Bissau, it said on March 15 in a statement.
The company has provided its notices of withdrawal to the government of Guinea Bissau and operator Petronor. Joint efforts by FAR and operator Petronor to collaboratively farm-down have been unsuccessful, it said.
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FAR said it has already met the minimum financial commitments associated with the license, and there are no 2022 commitments in place, therefore it does not expect to incur any new material expenses related to these interests.
The company has impaired $2.7mn of capitalised costs associated with the Guinea Bissau project in 2021.