Sign up Australia
Proactive Investors - Run By Investors For Investors

FAR Ltd commences drilling Samo-1 oil well offshore West Africa

Drilling is targeting an estimated Prospective Resource of 825 million barrels of oil.
Stena drillmax boat
Drilling by the Stena Drillmax will be followed by wireline logging

FAR Ltd (ASX:FAR) has commenced drilling on the Samo-1 exploration well in the 40% owned block A2 located offshore The Gambia in West Africa.

The Samo-1 well will be drilled in 1,000 metres of water depth to a planned depth of around 3,100 metres.

The Samo Prospect has two key reservoir intervals and is assessed to contain a combined Prospective Resource of 825 million barrels of oil.

READ: FAR Ltd outlines value drivers for next 12 months

FAR’s managing director Cath Norman said: “This is a very exciting time for FAR as we embark on our first exploration drilling program since the 11 successful wells drilled in neighbouring Senegal.

“The Samo-1 well is the first well to be drilled offshore The Gambia for 40 years and because of this, it is attracting wide international attention.

Partnered with PETRONAS and Gambia government

“I am grateful for the hard work of the operational team in preparing for the Samo-1 well and the strong co-operation of our co-venture partner PETRONAS and the Government of the Gambia.

We join our stakeholders in looking forward to safe and efficient operations.

“As is standard in offshore exploration drilling, FAR will be running a tight hole operation - we look forward to making updates as we reach important milestones.”

View full FAR profile View Profile

FAR Ltd Timeline

Related Articles

Trinidad drilling
July 23 2018
The City broker’s bullish view comes after its analysts upgraded their sum-of-the-parts valuation for the Trinidad-focused oil producer by circa 20% to 35p, up from 29p previously
Nevada
October 26 2018
"The nature of the Hot Creek Valley geology is posing challenges."
oil and gas operations
May 01 2018
It was a year of portfolio building and progress for the onshore UK-focused minor, punctuated by improved production volumes and a number of acquisitions with value-adding potential

© 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