FAR updates on drilling programs, including offshore Senegal

Offshore staff

MELBOURNE, Australia – This year, FAR Ltd. says it expects to drill five exploration wells. Of these five wells, the first two are being drilled offshore Senegal. Funding for these two wells has been provided in the form of a carry and cash payments made by Cairn Energy and ConocoPhillips.

FAR is currently drilling the first of two exploration wells offshore Senegal, with its joint venture partners Cairn Energy; ConocoPhillips; andPetrosen, the Senegalese national oil company. The FAN-1 well spudded April 17. The well is being drilled with the fifth-generation rig, the Cajun Express, and is expected to take two months to complete.

A third farm-out to the Milio group of companies early in 2014resulted in FAR being fully carried through an onshore well and onshore seismic program due to begin in June. The well is expected to be drilled early 2015 once a final drilling location is selected from the new seismic data. This carried program applies to the offshore portion of block L6, where FAR has a 60% interest, FAR is progressing a farm-out initiative for drilling an offshore well.

The recent Sunbird-1 discovery well drilled by the BG Group in the nearby Kenya block 10A targeted a Miocene reef structure. The Miocene reef play extends along the coast of Kenya and through both of FAR’s offshore blocks, L6 and L9.

The fifth planned well is offshore Guinea Bissau, where FAR has assessed significant upside potential around the Sinapa oil field contained in the company’s licenses. The joint venture will continue to monitor the current political climate in Guinea Bissau, as an election process is under way. Drilling is scheduled to begin in March 2015.

04/23/2014