FAR (ASX:FAR) expects to receive about $11.5 million from Woodside Energy Group (ASX:WDS) for the sale of company's previously held 13.67% stake in Woodside's Sangomar oil project in Senegal, West Africa, according to a Monday filing with the Australian bourse.
Under a 2021 agreement, FAR is entitled to up to $55 million from WDS in contingent payments, in annual tranches, over three years from the first oil sales, which began in mid-2024, the filing said.
The company plans to record the $11.5 million as a current asset in its 2024 financial statements, due later this week, the filing added.
The final payment amount is subject to reconciliation with joint venture partners and Senegal's Ministry of Energy, a process that is ongoing, the company said.
FAR's shares rose past 1% in recent Monday trade.
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