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FAR Ltd estimates potential for 1.2 billion barrels of oil offshore The Gambia

The two blocks assessed are on trend with FAR’s world-class SNE oil field. The company has a 50% working interest and is the operator of the A2 and A5 licences.

FAR Ltd - FAR Ltd estimates potential for 1.2 billion barrels of oil offshore The Gambia
Operations are underway to prepare for drilling in 2020

FAR Ltd (ASX:FAR) has completed an assessment of hydrocarbon resources for its two offshore blocks in The Gambia which resulted in combined prospective resources being assessed at 1.2 billion barrels.

Prospective resources for A2 and A5 blocks, which cover 2,682 square kilometres, were estimated on an unrisked, best estimate, recoverable, 100% basis with 621 million barrels net to FAR.

A2 and A5 are within the rapidly emerging and prolific Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) Basin in water depths ranging from 50 to 1,500 metres.

Drilling preparations

Operations are underway to prepare for drilling in 2020.

FAR managing director Cath Norman said “Since making the discoveries at SNE and FAN offshore Senegal and subsequently, at FAN South and SNE North, it has been FAR’s core strategy to build on our geological knowledge, contacts and nimbleness in the market to add high-quality drilling opportunities in the MSGBC Basin for our shareholders.

“Through drilling the Samo-1 well, we now have a clearer data set that has been integrated back into our models which now provides a much better understanding of the geology throughout the Gambian blocks.

"We look forward to completing our prospect selection and drilling again next year.”

Detailed geotechnical evaluation

The assessment of the blocks followed a detailed geotechnical evaluation by FAR Gambia Ltd, a wholly-owned subsidiary of FAR, and incorporated the results and data from Samo-1 well.

FAR has a 50% working interest and is the operator of the two licences.

Block A2 prospects

At A2, the Soloo Prospect has been mapped as an extension of the SNE Field into The Gambia and the two main reservoir targets in Soloo were both hydrocarbon-bearing in the SNE wells.

A well drilled into the Soloo may also be drilled into the shallower Bambo Prospect which has resource potential of 454 mmbbls and is directly updip and on an oil migration pathway as learned from the Samo-1 well.

Jobo Prospect is at a shallower level to the SNE reservoirs but has a similar trapping style and has access to the same source kitchens with resource potential of 280 mmbbls.

Leads in Block A5

FAR has also mapped a number of large leads in Block A5.

The Malo Lead is the most prominent and extends outside the existing 3D seismic coverage with a new 3D seismic survey planned to delineate this lead and firm it into prospect status.

FAR is also reprocessing the seismic in A2 using the data from Samo-1 and Full Waveform Inversion (FWI) processing to improve the depth model for the Soloo, Bambo, Jobo and other prospects being mapped in A2.

This work will enable high-grading of the identified prospects and selection of a drilling candidate for 2020.

Estimated quantities of petroleum that may potentially be recovered by the future application of a development project relate to undiscovered accumulations.
These estimates have an associated risk of discovery and a further risk of development.
Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Quick facts: FAR Ltd

Price: 0.012 AUD

Market: ASX
Market Cap: $119.75 m

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