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FAR Ltd major shareholder increases stake

The increase follows recent share purchases from the company's managing director.
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Shares in the company last traded at 6.9 cents each

FAR Ltd’s (ASX:FAR) major shareholder Meridian Capital International Fund has increased its holding in the company to 15.56% from 14.55%.

Meridian increased their stake through share purchases across a number of days including 5 days between 29 October and 1 November and 5 days between 30 November and 7 December.

The increase follows the recent share purchases by managing director Cath Norman, who acquired 150,000 shares in on-market trades.

READ: FAR Ltd managing director buys shares on-market

Last month, FAR completed drilling the Samo-1 well offshore from the Gambia, encountering oil shows at several levels which indicate the area has access to an active hydrocarbon charge system.

As the first offshore well in 40 years and the first modern well, the data from Samo-1 and the ongoing interpretation will be critical to unlocking the area’s hydrocarbon potential.

Although the well will be abandoned due to wireline logs indicating the main target horizons are water-bearing, the drilling has provided new subsurface information that will help the company understand the geological play along the shelf edge.

The Gambia’s government has confirmed a six-month extension to the current licence to allow for evaluation of the Samo-1 well results.

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