A formal complaint has been lodged with three key Australian authorities — the Australian Securities and Investments Commission (ASIC), the Australian Federal Police (AFP), and the Commonwealth Director of Public Prosecutions (CDPP) — accusing FAR Ltd, a former Australian Securities Exchange-listed oil and gas company, of serious corporate misconduct.

The complaint was submitted by Ousman F. M’Bai, a British-Gambian lawyer, natural resources advocate, and former UK financial crime prosecutor and asset recovery specialist. It alleges fraud, governance failures, and unjust enrichment tied to FAR Ltd’s operations in The Gambia from 2017 to 2023.

Among the key accusations, FAR Ltd is said to have received over USD 500 million from Woodside Energy for its stake in Senegal’s Sangomar oil field while simultaneously exiting its Gambian interests under suspicious conditions. The complaint highlights that FAR Gambia Ltd was granted waivers and relief from contractual drilling obligations and penalties through two “Deeds of Amendment” approved by The Gambia’s Petroleum Commission without apparent public disclosure or justification.

Additionally, the complaint points to a quietly enacted 2023 Demarcation Regulation by the Gambian government, which redrew offshore block boundaries just before FAR Ltd surrendered its licence. This move may have reduced The Gambia’s access to hydrocarbon reservoirs shared with Senegal.

The filings also raise concerns over the departure of key FAR Ltd executives post-transaction and the use of a UK intermediary to monetise a USD 55 million contingent payment from Woodside, suggesting possible asset stripping and governance lapses. FAR Ltd is further accused of potentially misleading Gambian regulators about the commercial viability of the Bambo-1 well, while withholding critical information about hydrocarbon extensions from the adjacent Sangomar field.

Mr. M’Bai is calling for independent investigations into FAR Ltd’s conduct and demands accountability and restitution to The Gambia for any losses incurred due to alleged corporate mismanagement.

The case has sparked widespread public interest in The Gambia and throughout the MSGBC Basin region — comprising Mauritania, Senegal, Gambia, Guinea-Bissau, and Conakry. Mr. M’Bai is urging international scrutiny, full disclosure of all drilling data, and remedial action to recover value lost to the country.

This complaint forms part of a larger transparency campaign. On 5 June 2025, Mr. M’Bai issued an open letter to FAR Ltd shareholders demanding accountability and restitution, which went unanswered. On 8 June 2025, he contacted Woodside Energy seeking clarity on its knowledge and involvement in FAR Ltd’s Gambian operations, giving the company five days to respond before pursuing further public action.

As the situation unfolds, calls for transparency and justice in the region’s natural resources sector continue to grow stronger.