Australian oil and gas company FAR Limited said on Wednesday it had received a non-binding indicative proposal from Russia's Lukoil energy giant to purchase 100 percent of FAR shares
MOSCOW (Pakistan Point News / Sputnik - 17th February, 2021) Australian oil and gas company FAR Limited said on Wednesday it had received a non-binding indicative proposal from Russia's Lukoil energy giant to purchase 100 percent of FAR shares.
"Overnight, FAR Limited ... received a conditional non-binding indicative proposal from PJSC Lukoil, one of the world's largest publicly traded energy companies, to acquire 100% of the shares of FAR," the Australian company said.
According to the press release, Lukoil's proposal values FAR Limited at 220 million Australian Dollars ($171 million).
"Lukoil has stated that the Lukoil Proposal will be funded from available internal cash reserves and that any formal binding offer would not include any financing conditions," the press release read.
FAR noted that there was no certainty that the Lukoil proposal would necessarily eventuate.
FAR Limited, founded in 1984, is an independent, Africa focused, Australian Exchange listed, oil and gas exploration and development company. The company has high value assets in West Africa, East Africa and Australia.
