Sign up Australia
Proactive Investors - Run By Investors For Investors

FAR Ltd turns to The Gambia as SNE oilfield approaches commercialisation milestone

FAR Ltd (ASX:FAR) managing director Cath Norman speaks to Proactive Investors about the oil and gas exploration company’s exciting advancements off the west coast of Africa.

The company’s efforts are currently focused on The Gambia, and in particular on the Samo prospect. “Drilling an 800 million barrel prospect is large by any company standards... when you consider that at the moment we have a net 140 million barrels to our name in Senegal, and our market cap’s $500 million, it’s wonderful to think about what our market capitalisation could be after we’ve drilled this Gambian well and have access to maybe another 300 million barrels to FAR’s name. And we’ll have the results of that well by mid to late November at the latest, if we spud on October 1,” says Norman.

FAR Ltd’s Senegalese operations are much more advanced, approaching a key milestone on the path to commercialisation. Norman explains, “we’ve got past the three principal hurdles of size, deliverability, and connectivity; so we understand everything about the oilfield now enough to progress to development. We are in a position today where we’ll be submitting the discoveries evaluation report to the government in about two weeks, which is a statement of commerciality, which I know a lot of our shareholders will be very pleased to see. And with that we’ll be progressively releasing some information about the final size for the development, and also the economics. The field will be developed in a phased development approach... we’ll be looking to get approval of our development plan by the end of this year, we’ll take the final investment decision in mid-2019, and then we’ve got an ambition to have first oil in about 2022.”

 
Meet Legend Mining Ltd, Nexus Minerals Ltd, Tyranna Resources Ltd, Global Health Ltd and Uscom Ltd at our event, Sydney , 23 July 2018. Register here »
View full FAR profile View Profile

FAR Ltd Timeline

Newswire
April 05 2017

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use