FAR (ASX:FAR) has announced that the Government of Senegal has approved the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore joint venture Exploitation Plan.
The Government has granted the Exploitation Authorisation for the Sangomar Field Development.
The Development and Exploitation Plan outlines the full field multi-phase development of oil and gas in the region.
First oil is expected early 2023.
FAR managing director Cath Norman says “This is a momentous milestone for the joint venture and the people of Senegal, and FAR is proud to have played an integral part in the discovery, appraisal and now commitment to develop the significant oil resource offshore Senegal.”
Shares in FAR (ASX:FAR) closed flat at $0.04 yesterday.