Woodside Petroleum’s epic journey to secure the minority stake held by its junior partner FAR Ltd in a $5.5 billion oil project in Senegal appears to be reaching an end as the cash-strapped explorer said a tentative takeover proposal from Russian giant Lukoil will not proceed.

Lukoil has advised FAR that the $220 million conditional proposal will not be firmed into a legally binding offer, the ASX-listed target said on Thursday, adding it will hold a shareholders meeting on April 15 for a vote on the sale of its 13.67 per cent stake in the Sangomar project to Woodside.