FAR
FAR Limited is an ASX-listed public company that divested its Senegal oil and gas exploration asset to Woodside in 2021 and now exists as a passive holding vehicle for a contingent payment right of up to US$55M tied to Sangomar field oil sales.
- Company typePublic
- Founded1984
- HeadquartersMelbourne, Australia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What FAR does
FAR Limited is an ASX-listed (ASX:FAR) public company incorporated in Western Australia in 1984 (originally as First Australian Resources NL, renamed in 2010) and headquartered in Melbourne. Historically an Africa-focused oil and gas exploration company, FAR divested its sole material operating asset — a 13.67% interest in the Senegal Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Project — to Woodside on 7 July 2021 for US$126 million in cash plus rights to a contingent payment of up to US$55 million.
Following the divestiture, the company has no proprietary technology, no exploration or production operations, and no active business beyond holding the contingent payment right. The contingent payment is a formulaic financial instrument: 45% of entitlement barrels (based on FAR's prior 13.67% interest) sold in the previous calendar year, multiplied by the excess (if any) of crude oil price over US$58 per barrel, with the price reference capped at US$70. The payment terminates on the earliest of 31 December 2027, three years from first oil production (which was achieved at Sangomar Field Development Phase 1 in June 2024), or cumulative payments reaching US$55 million.
FAR's revenue model is therefore not an operating revenue stream but a passive, single-counterparty, finite-life contingent financial claim on Woodside's oil sales from the Sangomar field. The company has 1-10 employees, governance structures typical of an ASX-listed entity (Board comprising Patrick O'Connor as Chairman, Robert Kaye SC and Andrew Lilley as Non-Executive Directors), and no active marketing, distribution, or product development functions. Its corporate disclosures are limited to statutory ASX filings and governance documents.
FAR firmographics
Firmographics- Name
- FAR
- Legal name
- FAR Limited
- Website
- https://far.com.au
- Company type
- Public
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- FAR Limited is an ASX-listed public company that divested its Senegal oil and gas exploration asset to Woodside in 2021 and now exists as a passive holding vehicle for a contingent payment right of up to US$55M tied to Sangomar field oil sales.
- Ownership category
- akta.pro rank
FAR industry classification
Industry- Product category
- Upstream Oil and Gas Exploration
- NAICS
- Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (5331), Crude Petroleum Extraction (211120)
- SIC
- Oil Royalty Traders (6792), Mineral Royalty Traders (6795)
- akta.pro primary industry
- Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties) (FSAHAIAL)
- akta.pro secondary industry
- Mineral Rights, Leasing & Land Management (EUALAAAB)
Keywords
Where FAR is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
FAR business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Woodside Contingent Payment: FAR received US$126 million in cash from Woodside on completion of the sale on 7 July 2021, as well as rights to a contingent payment of up to US$55 million. The contingent payment comprises 45% of entitlement barrels (being the share of oil relating to FAR's 13.67% RSSD Project exploitation area interest) sold over the previous calendar year multiplied by the excess (if any) of the crude oil price per barrel (capped at US$70) and US$58. The contingent payment terminates on the earliest of 31 December 2027, 3 years from first oil being sold (excluding any periods of zero production), and a total contingent payment of US$55 million being reached.
FAR product offering
Product offeringCore offering
FAR Limited was an Africa-focused oil and gas exploration company. Following the July 2021 sale of its 13.67% interest in the Senegal RSSD Project to Woodside, the company's primary remaining asset is a financial contingent payment right of up to US$55 million, payable based on oil sales from the Sangomar field. The contingent payment is calculated as 45% of entitlement barrels sold multiplied by the excess of the crude oil price (capped at US$70) over US$58 per barrel, and terminates on the earliest of 31 December 2027, three years from first oil production, or when US$55 million in total payments is reached.
Product overview
FAR Limited is an independent, ASX-listed, Africa-focused oil and gas exploration company. The company's primary remaining asset is the Woodside Contingent Payment right, a financial instrument valued at up to US$55 million, which was received as consideration for the sale of FAR's 13.67% interest in the Senegal RSSD Project to Woodside in July 2021. FAR is no longer an active exploration company and is focused on realizing value from this contingent payment as oil is produced and sold from the Sangomar field.
Differentiator
Problem solved
Functional benefit
Products and services
- Woodside Contingent Payment Financial instrument representing FAR's right to receive up to US$55 million from Woodside following the July 2021 sale of FAR's 13.67% interest in the Senegal RSSD Project. Payment is calculated as 45% of entitlement barrels sold over the previous calendar year multiplied by the excess of the crude oil price per barrel (capped at US$70) over US$58, terminating on the earliest of 31 December 2027, three years from first oil (excluding zero-production periods), or when US$55 million in cumulative payments is reached.
Quantifiable outcome
- First oil production achieved at Sangomar Field Development Phase 1 in June 2024
Companies that use FAR
Customer profileIdeal customer profiles1 record
FAR technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
FAR partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights1 record
FAR competitors and assessment
Company assessmentDirect peers
- Dorchester Minerals, L.P. US master limited partnership that owns and manages oil and natural gas mineral, royalty, and net profits interests without operating wells. Like FAR, it converts legacy exploration positions into passive royalty/financial income streams — making it a structurally close comparability benchmark.
- Black Stone Minerals, L.P. US mineral and royalty company with a large portfolio of mineral and royalty interests across active US basins. Comparable to FAR because both entities monetise oil/gas production through non-operating interests, generating cash flow tied to third-party operators' volumes and prices.
- Hugoton Royalty Trust: US grantor trust holding net profits interests in onshore US gas and oil properties, distributing cash received from operators to unitholders. Comparable to FAR as a passive, asset-light vehicle whose only income is a percentage of production-derived revenues, with a finite term structure.
- Freehold Royalties Ltd. Canadian dividend-paying oil and gas royalty company that holds non-operating working interests and gross overriding royalties. Comparable to FAR's structure: investor exposure to production economics without operational execution risk, with cash flow tied to commodity prices.
- San Juan Basin Royalty Trust: US express trust holding overriding royalty interests in oil and gas properties located in the San Juan Basin of New Mexico. Highly comparable structurally to FAR — a passive, asset-light entity whose only function is distributing royalty-based cash receipts to investors, with a fixed-schedule termination structure similar to FAR's 2027 sunset.
- Mesa Royalty Trust: US statutory trust holding overriding royalty interests in oil and gas properties in Texas, New Mexico, and Wyoming. Structurally analogous to FAR — receives cash distributions from operator-led production, with no operating activities and an asset value driven entirely by commodity prices on a fixed royalty base.
Broad incumbents
- Santos Limited: ASX-listed major Australian E&P with diversified production and LNG operations. Comparable as a broad incumbent operating in the same regional ecosystem; relevant for understanding the operating backdrop of oil/gas producers like Woodside that underpin FAR's contingent payment.
Regional players
- Carnarvon Petroleum Limited: ASX-listed Australia-domiciled E&P with historical focus on Africa exploration (Bedout Sub-basin) and West Africa. Comparable as a regional small-cap peer that has also monetised prior African exploration interests and shifted strategic direction.
- Buru Energy Limited: ASX-listed Australian oil and gas exploration and production company. Comparable to FAR as a domestic regional peer in the Australian small-cap E&P space, although unlike FAR it remains operationally active; useful for benchmarking how Australian small-caps monetise assets.
- Empire Energy Group Limited: ASX-listed small-cap oil and gas company with assets in Australia and the US (Beetaloo Basin). Comparable as a regional Australian-listed small-cap E&P of similar size and listing class to FAR, though with active operations versus FAR's residual contingent-payment exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat2 records
Key risks5 records
Key highlights6 records
Customer concentration
FAR social profiles
Digital presenceFAR financial estimates
Financial estimateRevenue estimate
Valuation estimate
FAR leadership team
Management profileNumber of profiles
Profiles3 records
FAR funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FAR M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FAR
What does FAR do?
FAR Limited was an Africa-focused oil and gas exploration company. Following the July 2021 sale of its 13.67% interest in the Senegal RSSD Project to Woodside, the company's primary remaining asset is a financial contingent payment right of up to US$55 million, payable based on oil sales from the Sangomar field. The contingent payment is calculated as 45% of entitlement barrels sold multiplied by the excess of the crude oil price (capped at US$70) over US$58 per barrel, and terminates on the earliest of 31 December 2027, three years from first oil production, or when US$55 million in total payments is reached.
Is FAR a public or private company?
FAR is a public company. It is classified as public and is currently operating.
When was FAR founded?
FAR was founded in 1984. It employs 1 to 10 people.
Where is FAR based?
FAR is headquartered in Melbourne, Australia, in the Oceania region.
How does FAR make money?
One revenue line is on record: woodside Contingent Payment.
Who are FAR's main competitors?
Direct peers on record are Dorchester Minerals, L.P., Black Stone Minerals, L.P., Hugoton Royalty Trust, Freehold Royalties Ltd., San Juan Basin Royalty Trust and Mesa Royalty Trust. Santos Limited is listed as a broad incumbent. Regional players are Carnarvon Petroleum Limited, Buru Energy Limited and Empire Energy Group Limited.
Does FAR have an API?
No public API is recorded for FAR.
What industry is FAR in?
FAR's product category is Upstream Oil and Gas Exploration. Its primary akta.pro industry code is FSAHAIAL, Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties), with a secondary code of EUALAAAB, Mineral Rights, Leasing & Land Management. Its NAICS code is 5331 and its SIC code is 6792.