FAR Ltd wishes to advise that drilling has resumed on the FAN-1 well offshore Senegal. FAR had previously announced a modification to the Senegal drilling programme in order to incorporate essential maintenance. FAR holds 15% and is in a Joint Venture with Cairn (40%) and Operator, ConocoPhillips (35%) and Petrosen (10%).
Drilling to date on FAN-1 has reached a depth of approximately 3,000 metres. The well is planned to be drilled to a depth of approximately 5,300 metres. The second Senegal well, SNE-1 is currently suspended and drilling will resume on completion of the FAN-1 well. SNE -1 has been drilled to a depth of approximately 1,900 metres and will be drilled to a total depth of approximately 3,300 metres.
FAR managing director, Cath Norman, said, “These two wells offshore Senegal have the potential to radically
alter the prevailing international view of the hydrocarbon potential of Senegal where no offshore wells have
been drilled for more than 20 years. The two well program in the Atlantic margin is being closely monitored by
many international oil and gas players because of the large prospect sizes being drilled and the potential for
numerous nearby follow up targets in the event of success.”
The FAN-1 well will test a stacked fan structure with the potential to contain approximately 900 million barrels
of oil (mmbbls)* with approximately 135mmbbls net to FAR* which owns a 15% working interest. FAN-1 will be
followed immediately by the SNE-1 well to be drilled on the shelf targeting approximately 600mmbbls of oil*
with approximately 75mmbbls net to FAR.
As previously announced, the drilling program has been designated as “tight” by the Operator and hence no
information related to depth or formation will be provided during the drilling beyond what is required to meet
ASX continuous disclosure obligations.
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