BRIEF-Far Obtains Additional 10% Interest In Gambian Blocks
Oct 1 (Reuters) - Far Ltd:
* OBTAINS ADDITIONAL 10% INTEREST IN GAMBIAN BLOCKS
* FAR OBTAINS ADDITIONAL 10% INTEREST IN GAMBIAN BLOCKS
* ACQUIRED AN ADDITIONAL 10% INTEREST IN HIGHLY PROSPECTIVE OFFSHORE BLOCKS A2 AND A5 OFFSHORE REPUBLIC OF GAMBIA
* THREE-YEAR INITIAL EXPLORATION PERIOD, COMMENCING IMMEDIATELY, PLUS TWO OPTIONAL EXTENSION PERIODS OF TWO YEARS EACH
* GOVERNMENT OF GAMBIA ISSUED NEW LICENCES TO JOINT VENTURE IN RESPECT OF A2 AND A5 BLOCKS
* FAR GAMBIA LTD AND PC GAMBIA LTD EACH HAS A 50% PARTICIPATING AND PAYING INTEREST
* TERMS OF THE NEW LICENCES INCLUDES SIGNATURE BONUSES OF US$4.5M FOR TWO LICENCES, WITH US$2.25M NET TO FAR Source text for Eikon: Further company coverage:
