FAR Ltd, a member of the Senegal Joint Venture, has received a Presidential decree extending the current Petroleum Sharing Contract (PSC) by the requested three years starting from 6 February, 2016. This extension allows the Joint Venture time to appraise the world class SNE and FAN oil discoveries made in 2014 and to evaluate the considerable exploration potential which remains within the PSC area.
The first phase of the Joint Venture’s planned appraisal and exploration program has already begun and consists of three new wells SNE-2, SNE-3 and BEL-1 that are to be drilled back to back and are expected to be completed by mid 2016.
The SNE-2 appraisal well spudded offshore Senegal in the Sangomar Deep Offshore Block on 4 November. This is to be followed by the SNE-3 appraisal well and the BEL-1 exploration well in the yet to be drilled Buried Hills Play.
Drilling and coring of the SNE-2 well is currently progressing as prognosed. After this a logging and flow testing program will be completed. On completion of the operations on SNE-2, SNE-3 will be re-entered and drilling and evaluation (coring and flow testing) will be carried out on SNE-3 before commencement of the BEL-1 well. Further appraisal and exploration work including drilling will be contingent on the overall results from the three wells.
Senegal Joint Venture partners are: Cairn Energy (operator) 40%, ConocoPhillips 35%, FAR 15% and Petrosen 10%.
Completion of 3D seismic survey over Djiffere Block, Senegal
FAR has completed the 3D seismic survey over the Djiffere block offshore Senegal, required under the terms of the agreement with Trace Atlantic Oil Ltd and partners to secure an option over farming into the block. Under the agreement, FAR has an exclusive right until October 2016 to farm into the Djiffere block for no additional cost and become operator with 75% equity in the permit.
FAR has mapped the prospectivity of the Djiffere block using existing 2D seismic data. Following the SNE discovery the prospectivity of the Djiffere block appears promising. Processing the new 3D seismic data is expected to take approximately 8 months.
