FAR raises A$80m for African exploration

Oil and gas explorer FAR will raise some A$80-million through a fully-underwritten share placement to institutional and sophisticated investors to fund its exploration and development work in offshore Senegal, as well as the anticipated acquisition of a block in Gambia. The company will place one-billion shares, at a price of 8c each to raise the capital, with the placement shares representing around 18.3% of the company’s enlarged share capital.