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.
