Key points
- Woodside Energy achieved exceptional production of 99 thousand barrels per day from the Sangomar field
- FAR to receive a provisional 2024 Contingent Payment of US$11.5 million from Woodside Energy
- FAR to seek shareholder approval for a proposed capital return of 8 cents per share
Full summary
FAR Limited (ASX: FAR) released its quarterly activities report for the quarter ended 31 March 2025. Highlights include Woodside Energy achieving exceptional production of 99 thousand barrels per day (100% basis, 78 Mbbl/d Woodside share) at 97.6% reliability from the Sangomar field offshore Senegal, with production remaining at plateau for the quarter. FAR had US$1.6 million of cash at the end of the quarter, with expenditure totaling US$0.17 million, mainly for corporate and administration costs. Subsequent to the quarter, FAR announced that Woodside Energy will make a provisional 2024 Contingent Payment of US$11.5 million, which is expected to be received by FAR in May 2025. The company also announced its intention to seek shareholder approval for a proposed capital return of 8 cents per share at its upcoming annual general meeting on 30 May 2025. The Board remains committed to delivering value to shareholders through the proposed capital return.