FAR has defaulted on its most recent development cash call on Phase 1 of the Sangomar/SNE development.
Under the Sangomar Joint Operating Agreement, any party that defaults on its financial obligations and cash calls have a six month rectification period, during which time it will pay LIBOR+2% on the unpaid amounts. FAR will also not be able to participate in any of the operating committee meetings or participate in any voting on JV issues.
If...
