FAR Limited (“FAR”) has agreed to sell its 11.25% interest in permit WA-47-R in the Carnarvon Basin to Hydra Energy (WA) Pty Ltd, a company established and controlled by Hydra Energy Holdings Pty Ltd (“Hydra”). The WA-47-R block contains the small, undeveloped Sage field which is not considered a fit with FAR’s focus on high potential exploration and acquisition growth opportunities in Africa.
Hydra is a private Australian company backed by Barclays Natural Resource Investments, a division in the Investment Bank of Barclays Bank PLC, as a financial investor and the majority shareholder. Hydra has specialist capabilities in small-field development with a focus on undeveloped discoveries and late-life assets in Australia and Asia.
The completion of the sale of FAR’s interest in the WA-47-R permit is subject to Joint Venture, government and regulatory approvals, with an effective date of 1 August 2012.
[mappress]
Press Release, October 08, 2012