FAR given more time for offshore Gambia work program
July 27, 2023
The Gambia government has granted FAR a one-year extension to the permit term for blocks A2 and A5.
Courtesy FAR Ltd.
Green represents oil discoveries and red represents gas discoveries.
Offshore staff
MELBOURNE, Australia— The government of The Gambia has granted FAR a 12-month extension to the permit term for offshore blocks A2 and A5 to September 30, 2025.
In addition, the government has approved FAR’s request for a reduction in the future annual fixed permit statutory costs. This means the company will not be obliged to incur expenditure on the licenses during the 12-month period starting April 1, 2023.
FAR is exploring a new joint venture arrangement under which new partners would fund the costs of a geoscience review and future exploration wells during the remaining permit extension period, and potentially assume operatorship of the blocks.
