Remus Board News Today

FAR has received a letter from Remus Horizons stating that the intended takeover offer was not properly authorised by Remus and that Remus does not have the funding to complete the takeover offer. Accordingly, the FAR Board continues to strongly recommend that shareholders vote in favour of the sale of its interest in the RSSD Project at the shareholders meeting.

angomar FPSO Illustration - Credit: Woodside Private investment fund Remus Horizons which last week launched a conditional takeover offer for the Australian oil company FAR, eyeing its stake in the RSSD offshore area in Senegal, containing the Sangomar offshore oil development, is now backing out from the FAR pursuit. In two letters sent to FAR this week, Remus cited citing lack of funding, regulatory issues, as well as lack of proper authorization for the takeover bid a...