Australian oil and gas company FAR Limited said Thursday it had given notice of termination to Managing Director Catherine Norman. She has also resigned as a director of the company.
Norman, a professional geophysicist with over 30 years’ experience in the minerals and oil and gas exploration industry, has served as the Managing Director of FAR since November 28, 2011.
Independent Chairman Patrick O’Connor will oversee the business during a period of transition, FAR, focused on oil and gas exploration in Africa, said.
"With more than three decades’ Board and senior management experience across multiple industries including mining and oil & gas exploration, Mr O’Connor will manage the corporate activities of the Company to support FAR as it continues to progress its strategy to unlock shareholder value," FAR said.
"Ms. Norman will also be available during her 12-month notice period to assist with any transitional matters as required, in accordance with her employment contract," FAR, which recently turned down a takeover offer from STAM, said.
Commenting on the executive change, O’Connor said: “The time has now come for a fresh perspective to ensure the company explores every opportunity to realize value for shareholders. On behalf of the Board I’d like to thank Catherine for her significant contribution to the company. The
Board will update shareholders shortly on its strategy that seeks to reflect the underlying asset value in the FAR share price."
Far last year had to sell its stake in the Sangomar field offshore Senegal to Woodside, as it hadn't been able to pay for its share of the working capital for the Sangomar development.
The final completion payment to FAR, after adjustments and remedying of FAR’s defaults under the joint operating agreement, was approximately
$126 million. Additional payments of up to US$55 million are contingent on future commodity prices and the timing of the first oil from the Sangomar project via an FPSO to be supplied by MODEC.
The Sangomar development, consisting of the drilling and completion of 23 subsea development wells, will be Senegal's first offshore oil development, targeting the production of ~231 MMbbl of oil resources (P50 gross) via the FPSO.