Offshore staff
MELBOURNE, Australia – FAR has acquired an additional 10% stake in blocks A2 and A5 offshore The Republic of The Gambia.
The company has now raised its operated interest in the blocks held by its subsidiary FAR Gambia, to 50%. Petronas subsidiary PC Gambia holds the remaining 50%.
Key terms for the licenses include a three-year initial exploration period, plus two optional extension periods of two years each; and a commitment to drill one well in the first two years in either block and to acquire, process, and interpret 450 sq km (174 sq mi) of 3D seismic during the first three years.
FAR has conducted geotechnical studies based on data from last year’s dry hole Samo-1 well, and has identified further target intervals to those mapped prior to drilling.
A 3D seismic survey is expected to start over the blocks late this year, with results used to further delineate some of the prospects, and a well should follow in 2020.
The block license areas, covering 2,682 sq km (1,035 sq mi), are adjacent to and on trend with the SNE oil field discovery off Senegal to the north.
10/01/2019
