Australia’s FAR Limited has received final credit approvals for an underwritten $300 million senior secured reserve-based lending facility for the Sangomar field development offshore Senegal.Artist impression of the Sangomar Field Development FPSO image courtesy of WoodsideFollowing approval of the exploitation authorization by the government of Senegal and the joint Final Investment Decision (FID) statement last week, FAR said on Monday that it entered into a $300 million facility which was approved by Macquarie Bank Limited, BNP Paribas, and Glencore.FAR previously secured a $200 million credit facility but stated at the time that it was negotiating for that number to rise to $300 million.The three financing institutions each credit FAR with an amount of $100 million. According to the company, the facility is a key part of the funding package to develop FAR’s interest in the Sangomar oil field in Senegal.The facility has a seven-year term with a four-year repayment holiday and is priced at a margin of 7.75 percent over LIBOR.FAR has so far raised over $400 million in new capital to fund its share of Phase 1 capex for the Sangomar development, including a A$146 million equity placement (around $100 million) and share purchase plan with receipts of A$11.18 million.It is worth noting that following the FID, FAR has 28 mmbbls (2P net economic interest) associated with this development attributed to the company.FAR’s Managing Director Cath Norman said: “Reaching agreement for a $300m underwritten senior debt facility […] is further endorsement and support for Sangomar being a tier-one oil development asset.“2020 is shaping up to be a busy year for FAR, with a junior underwritten debt facility due to be put in place early in the year and the drilling of one of its highly prospective exploration opportunities in the neighboring Gambia to follow in the second half of 2020.“In addition, the Senegal JV is preparing for drilling in 2021, commencing with an appraisal well on the FAR or SNE North discoveries before embarking on the development drilling for the Sangomar Field development.”The Sangomar Phase 1 development is anticipated to produce 231 mmbbls of oil (2P gross) and is planned to consist of 23 subsea wells including water injectors.The wells will be tied back to a floating production storage and offloading facility (FPSO) for processing prior to export to market via tankers. First oil is expected early in 2023. The FPSO is designed to allow the integration of future development phases, including potential for gas export to shore.To remind, Woodside, as operator of the joint venture, completed the purchase contract for the FPSO vessel and issued full notices to proceed for the drilling and subsea construction and installation contracts.MODEC was awarded a contract for the FPSO with an oil processing capacity of approximately 100,000 barrels per day. Subsea Integration Alliance (a non-incorporated alliance between Subsea 7 and OneSubsea) won a contract for the construction and installation of the integrated subsea production systems and subsea umbilicals, risers, and flowlines. Diamond Offshore received a contract award for two well-based contracts for the drill rigs Ocean BlackRhino and Ocean BlackHawk.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.
The USC women’s basketball team edged past Washington State 64-62 Sunday night at the Galen Center to improve to 18-8 overall and 6-6 in Pac-12 Conference play. With 19.2 seconds on the clock, junior Courtney Jaco spun the ball in her hands, toeing the free throw line. Leading Washington State by only three points, she had the chance to knock down her 18th point of the night to cement a Trojans win. Jaco spun the ball one more time, then let the shot fly.It sank with a resounding swish, drowned out by an emphatic cheer from the crowd and the bench. Washington State drove back for a layup, but time had run out. Jaco’s clutch free throw shooting gave the Trojans a redemptive victory at the end of a split weekend against two Washington teams. After falling to Washington 61-53 on Friday, the team found success in outside shooting and dominant post play against Washington State, a team they lost to earlier in the season.“We recognized that we were a different team back then [four weeks ago] and we just didn’t play well,” head coach Cynthia Cooper Dyke said. “We were disappointed in that. Our number one goal today was to come out and show that that wasn’t us.”Despite a late surge — including a three-pointer from forward Temi Fagbenle — to put USC within four points, the Trojans struggled to keep up offensively against Washington to start their weekend. The team battled back from deficits several time, but lacked the firepower to take over the lead.While they weren’t able to get the offensive edge, aspects of the USC offense thrived against Washington. The team drained eight 3-pointers on the night, and Simon snatched a career-high 21 rebounds. But a combination of 16 turnovers and early foul trouble slowed the team’s offense too much to keep up with the high-powered Washington offense, led with 22 points from national scoring leader Kelsey Plum. With 26 points and 13 rebounds, Fagbenle notched her ninth double-double of the season, cementing the team in the post. Simon contributed an added six points, and put in necessary effort in the post to transition to a faster-paced style of defense against a guard-heavy Washington State team.“It came down to putting in the effort necessary, and not quitting,” Simon said. “What we’d drilled in practice, we had to transfer that and we did a good job just grinding it out to the end.”The second half was a back-and-forth battle for offensive momentum. The Trojans quickly stretched to a 10-point lead, but lost momentum slowly throughout the half as the Cougars chipped away. Washington State took the lead for several seconds late in the fourth quarter, but a 3-pointer from Jaco put the Trojans back on top. From there, Simon and Fagbenle erupted down low, but back-to-back field goals and a steal put the Cougars back within two points with less than 20 seconds left. A foul put Jaco on the line, where she drained both shots to seal the USC victory 64-62. “This season has been hard for me as far as my shooting goes,” Jaco said. “It felt good. It felt really good, in fact. We need to build on this because we can compete with anyone in our conference.”The weekend was also a victory for the team’s push to support the Kay Yow Foundation, which raises money for breast cancer research. The topic is close to home for Cooper-Dyke, who was a player on Yow’s gold-medal Olympic team and whose mother passed away from breast cancer. Over the weekend, the organization raised over $1500 in funds.“I told the girls to play for something more than themselves this weekend,” Cooper-Dyke said. “It has touched my life in many ways, and that’s why I wanted to encourage everyone to get out for the fight. That’s what this is — it’s a fight. We wanted to put that message out there that the battle isn’t over yet.”