The $210 million bid from little known Remus Horizons has caused FAR to delay a shareholder vote on selling its stake in the Sangomar oil project in Senegal.

One energy analyst said the bid looks like an opportunistic attempt to reverse the Sangomar stake sale and the associated pre-empt in wake of the vaccine-led rally in oil prices.
Woodside itself first secured its stake in the Senegal venture by avoiding pre-emptive rights and acquiring ConocoPhillips Senegal business, a deal that led to a lengthy dispute with FAR that ended in arbitration.
But the analyst suggested that given the non-binding nature of the deal it could be a risky game to play for FAR to delay the shareholder vote for too long because the expiry of deadlines on cash calls for the Sangomar project could see FAR dilute their share for nothing.
The proposed 2.1¢ per share offer price represents a 91 per cent premium to FARs last closing price of 1.1¢ when it last traded on the ASX on September 14.
FAR described Remus Horizons PCC Ltd as a private investment fund regulated by the Guernsey Financial Services Commission. It said Remus has stated it is willing to discuss making available a bridge loan to FAR of up to $US50 million from the date of any binding offer to enable FAR to meet funding calls on Sangomar.
Remus has stated that it is well placed to move quickly to complete its confirmatory investigations and has committed to engage collaboratively with FAR to progress the proposal, said FAR, which has appointed Baker McKenzie to advise it.