West African explorer FAR Ltd. said it raised substantial capital to fund its development programs in the emerging oil basin offshore Senegal. FAR placed 1 billion shares to institutional and other investors to generate around $60 billion in capital. The company said the proceeds would be used to fund drilling, evaluation and pre-development programs off the coast of Senegal, and potentially the acquisition of further assets off the Gambian coast. Trading for the general public is halted “until further notice,” and the company said the shares it did release were discounted by 4.8 percent. With full underwriting, Managing Director Catch Norman said the evidence is there that FAR’s portfolio is high quality. “The cash raised is expected to fund FAR through […]