In total it will return $80 million of the $167 million it has in the bank. Earlier this year shareholders voted for a 100-for-1 share consolidation.
Prior to that the share price had been suspended at 1.1c each.
With the cash returned, what the company has in the warchest is now below its market cap, which was $129 million last week and is now $147 million.
Shares opened in July at $1.10 each, but closed their first day of 2021 trade 15% up.
It remains fully funded for the Gambian commitment well it shares with Petronas, due to spud in the fourth quarter. A 2018 Gambian wildcat, Samo-1, came up dry.
Bambo-1 is targeting the same formation that first came up trumps for the company in Senegal in 2014, where the Sangomar oil project it was forced to sell cheap to Woodside is proceeding. First oil is due in 2023 at the latter.
FAR lost funding for the Senegal project last year and was unable to meet cash calls, leaving it to sell its 13.67% stake to Woodside for a bargain basement price, or lose it altogether.
The transaction completed a couple of months ago, and the company took home $55 million in addition to back costs.
It also receives some money, tied to the oil price, from future production.
The company also has a share of blocks offshore Guinea-Bissau in Sinapa or Block 2 and Esperanca Blocks 4A and 5A which are valid until October 2023 with the obligation for one exploration well. FAR plans to farm down its 21.43% interest prior to drilling late next year.
It is working with new operator PetroNor, an offshore West Africa-focussed company listed on the Oslo exchange.
Offshore Western Australia it retains its WA-458-P permit where a well is required next year.
It is looking to divest some or all of the permit, despite its last investor presentation suggesting hopes for the area - which was illustrated with a picture of an iron ore container ship for some reason.
The company saw two provisional takeover offers this year that went nowhere, one from Russia's Lukoil and the other from the little known Remus Horizons.
That 2.1c per share offer (made when shares were suspended at 1.1c each) was pulled after it was revealed the offer was flawed.
Remus was not funded and it had had its registration as a private investment fund suspended by the Guernsey Financial Services Commission where it was registered as a cell company last May.
Now, much lower in cash, possibly even Aurora Funds Management won't come knocking...
