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FAR completes major milestone for SNE oil field

The SNE oil field contains 640 million barrels of 2C contingent resources.
Project location map offshore west africa
Tender submissions for key pieces of infrastructure are now being shortlisted

FAR Ltd (ASX:FAR) has submitted the development and exploration plan to the Senegal government for the SNE oil field located offshore Senegal.

The plan outlines the full field multi-phase development of oil and gas and details how the field will be developed in a series of phases.

These phases plan to develop a 500-million barrels of oil operation with a plateau production of 100,000 barrels of oil per day.

READ: FAR Ltd outlines value drivers for next 12 months

FAR’s managing director Cath Norman said: “Submission of the development plan for SNE is a huge milestone for our company.

“Since the SNE discovery well four years ago, FAR has participated in three more oil discoveries offshore Senegal and successfully drilled 7 SNE appraisal wells at 100% success rate for the 11 wells.

“SNE was the world’s largest oil discovery for 2014 and, more importantly, the first offshore oil field discovered off the shores of Senegal.

First oil planned for 2022

“FAR has had a long and enjoyable relationship with the people and country of Senegal over 12 years and it is particularly rewarding for our company to be here presenting the development plan to the Government.

“We look forward to watching this development progress towards first oil in 2022 and first gas in about 2024.”

The first phase of oil development will principally develop the S500 resource with up to 23 subsea oil wells.

Following the establishment of oil production, gas will be produced.

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

Earlier this month, FAR 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.

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FAR Ltd Timeline

December 14 2018

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