FAR raises A$176m for Senegal project

Africa-focused oil and gas developer FAR on Thursday announced plans to raise up to A$176-million to fund the development to first oil at its Sangomar oil field, offshore Senegal.

The company will raise an initial A$146-million through a conditional share placement, priced at 4.25c each, with the share placement subject to shareholder approval at an annual general meeting on January 16.