Australian exploration firm FAR has intervened in ConocoPhillips’ plans to sell its 35% stake in an oil play off Senegal to Woodside Petroleum for up to $430million.
FAR, which itself owns 15% of the deepwater SNE field, said it had a “right of pre-emption” over the sale of Conoco’s share.
In an online statement, FAR accused Conoco of failing to comply with the terms of their joint operating agreement in relation to the proposed sale.
“As a consequence FAR believes that the pre-emption period has not yet commenced,” the statement said.
The move from FAR is likely to be an attempt to buy time while it tries to secure funding to buy the Conoco stake from under Woodside’s nose.
FAR said it would honour the Senegalese Government’s request for all parties to find an amicable solution.
The field is thought to hold an estimated 640million barrels of oil.