FAR Ltd remains upbeat after completing Samo-1 well

Although the well will be abandoned, evidence was discovered supporting the potential for oil nearby.

bull and bear shadows
The company is also developing the SNE oil field located offshore Senegal

FAR Ltd (ASX:FAR) has drilled the Samo-1 well down to a total depth of 3,240 metres located offshore The Gambia.

While well operations to date have been conducted safely, efficiently, ahead of schedule and within budget, wireline logs so far indicate that the main target horizons are water-bearing.

FAR remains upbeat as oil shows were encountered at several levels indicating that the area has access to an active hydrocarbon charge system.

Furthermore, as the first offshore well in 40 years and the first modern well, the data from Samo-1 and the ongoing interpretation will be critical to unlocking the area’s hydrocarbon potential.

READ: FAR completes major milestone for SNE oil field

FAR’s managing director Cath Norman said: “The result in the Samo-1 well is not in line with our pre-drill expectations, however it is providing an abundance of new subsurface information that will help us understand the geological play along the shelf edge – an area which remains grossly underexplored.

First well to be drilled in 40 years

“The FAR team has identified a portfolio of prospects and leads in the A2 and A5 permits and the data from Samo-1 will be used to further mature and de-risk these for future drilling.

“Drilling the first well offshore Gambia for 40 years has drawn attention to this well and the result is a reminder of the risks we face in our business.”

Six month licence extension granted

The Government of The Gambia has confirmed a six-month extension to the current licence to end June 2019 to allow for evaluation of the Samo-1 well results

Norman added: “We are pleased to receive a six-month extension to the licence, which will allow the JV to formulate and move on with plans to drill next year, after integrating the results from Samo-1 into the regional geological model.”

Quick facts: FAR Ltd

Price: $0.06

Market: ASX
Market Cap: $370.54 m

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