FAR Ltd teetering amid oil price collapse and financing issues

TWELVE months ago, managing director of FAR Ltd Cath Norman was bullish about the company’s prospects, with the Sangomar oil development the shining jewel in the company’s portfolio. A year later and the board is scrambling to keep its interest in the project and facing several financial challenges.

FAR Ltd teetering amid oil price collapse and financing issues FAR Ltd teetering amid oil price collapse and financing issues FAR Ltd teetering amid oil price collapse and financing issues FAR Ltd teetering amid oil price collapse and financing issues FAR Ltd teetering amid oil price collapse and financing issues

 

In FAR Ltd's quarterly report today it said it hadUS$63.25 million (A$90M) cash in the bank, while operating costs had run at $5.5 million (A$7.9M) and other expenses amounted to US$16.