Proceeds will fund ongoing interest in the SNE Field development, preparatory work for the proposed 2020 drilling program, Australian seismic and processing costs.
FAR is focused on its portfolio of exploration licences in Senegal, The Gambia and Guinea-Bissau.
It also holds acreage surrounded by proven petroleum systems in the state of Western Australia and exploration acreage in the emerging oil and gas province of Kenya.
FAR has an interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture, which holds the licences offshore Senegal, The Gambia, and Guinea-Bissau.
The SNE deep-water oil field is expected to be Senegal’s first offshore oil development after two world-class, offshore oil discoveries; FAN-1 and SNE-1, were made in Senegal in late 2014.
Targeting first oil by 2022
The field has 5 billion barrels of oil in place, with the company having plans for a development to extract 500 million of those barrels.
A final investment decision is pencilled in for the September quarter of 2019.
If the company opts to develop the oilfield asset, FAR would hope to achieve first oil at SNE by 2022.