February 14, 2020 / 8:16 AM / in 7 days

Tribunal rules in favour of Woodside on Senegal oilfield stake

The shadow of a man is cast onto a poster displaying the logo for Woodside Petroleum, Australia's top independent oil and gas company, at a briefing for investors in Sydney, Australia, May 23, 2018. REUTERS/David Gray

(Reuters) - FAR Ltd said on Friday a tribunal ruled that the Africa-focused oil explorer did not have a pre-emptive right on ConocoPhillips’ sale of its stake in a Senegal oil and gas field to Woodside Petroleum.

The $350-million sale of a 35% stake in the Senegal oil field by ConocoPhillips in 2016 was challenged by FAR at the International Chamber of Commerce.

FAR said it was going through the arbitration award. It holds a 15% stake in the Sangomar oilfield that also counts Cairn Energy Plc as a stakeholder.

Woodside had no immediate comment.

Shares of FAR slumped nearly 9% in early trade to A$0.031 - their lowest level since the middle of 2013.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber

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