First Australian Resources Limited announced that Senegal Hunt Oil Company has filed its quarterly report submitted through Petrosen to the Ministry of Energy and Mines for the Republic of Senegal. The report confirms that acquisition of the Sangomar Deep 3-D seismic survey which commenced on 14th February was concluded on 28th March. The survey total area was2089km2; the data was acquired in 46 days at an estimated survey acquisition cost of US$12,100,000.
Data processing of the on-board DMO stack data volume was completed while the seismic boat was en-route from Senegal to Dunkirk, France. The stacked data volume and a velocitydata file have been sent to Spectrum in the UK where the on-board cube is being migrated, with an estimated delivery date of the 3rd week in May.
All indications from preliminary stacks of the data processed on board indicate that the data is of excellent quality.
Field tapes have been sent to CGG in Houston where full processing of the data volume is being performed. Interpretation and Prospect Analysis is scheduled to commence during the 4th quarter 2007.
FAR’s holds a 30 percent participation in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore blocks. These offshore concessions, located in the Mauritania- Senegal, Guinea Bissau Basin, offer potential for world class oil accumulations.
