The Australian junior FAR announced on 24 June to the authorities of the Sydney Stock Exchange, where it is listed, that it was defaulting on its financial commitments on the Senegalese offshore oil project of Sangomar, in which it is a 15% shareholder, alongside its compatriot Woodside (35%), the Scottish company Cairn Energy (40%) and the Senegalese public agency Petrosen (10%). According to the press release, the default follows a call for funds issued in May 2020 by Woodside for the month of June 2020 and a delay in the payment of 100 million dollars of FAR, which had one month to settle this call for funds, in accordance with its obligations. The company has six months to pay its debts. Beyond that period, FAR will be forced to relinquish its participation in the project without compensation.