Houston Natural Resources Corp (HNRC)

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FAR LIMITED
www.far.com.au/

FAR (ASX: FAR) holds oil and gas assets in Senegal, the AGC, Guinea Bissau and Kenya. It also holds permits in Australia and Jamaica.

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FAR Limited to extend African exploration footprint through merger with Flow Energy
Wednesday, September 21, 2011


FAR Limited (ASX: FAR) will expand its significant portfolio of West African projects through a merger with Flow Energy Limited via a conditional off-market takeover bid for all of the issued shares in Flow Energy.

Flow shareholders will receive 42.66 FAR shares in consideration for each of their Flow shares, which values Flow at $25 million or $1.19 per Flow share.

Flow Energy has two highly prospective exploration blocks in Kenya and has a 50% interest in five exploration blocks in Jamaica covering the Walton Basin.

In Australia, Flow Energy has 100% interests in two offshore blocks located in a proven producing basin.

FAR has a strong cash position of about $26 million (with an additional US$6 million receivable) and the combined entity will be better funded to pusue exploration.

On completion of the offer, which is subject to customary conditions, FAR will have a broad portfolio of world class, high impact oil and gas exploration assets spread across West Africa, East Africa, Jamaica and Australia.