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FAR Ltd managing director buys shares on-market

The company is evaluating drilling results from exploration in offshore West Africa.
Stena Drillmax drilling ship
The Stena Drillmax was used to drill the Samo-1 well offshore The Gambia

FAR Ltd (ASX:FAR) managing director Catherine Norman has demonstrated confidence in the company’s oil & gas strategy by purchasing 150,000 ordinary shares in recent on-market trades.

This brings her indirect interest in FAR Ltd to 150,000 shares, with her direct interest of more than 23.674 million shares remaining unchanged.

FAR recently completed drilling the Samo-1 well offshore from the Gambia, encountering oil shows at several levels which indicate the area has access to an active hydrocarbon charge system.

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.

Although the well will be abandoned due to wireline logs indicating the main target horizons are water-bearing, the drilling has provided new subsurface information that will help the company understand the geological play along the shelf edge.

The Gambia’s government has confirmed a six-month extension to the current licence to allow for evaluation of the Samo-1 well results.

READ: FAR Ltd director takes opportunity to buy shares on market

Last month the company's non-executive director Tim Woodall purchased 250,000 shares through on-market trades.

This increased his total holding in the company to 2.25 million shares.

Exploration plan submitted for SNE oil field

Far Ltd has recently submitted a 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.

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