Tuesday 23 August 2016

2C contingent oil resources contained in the SNE field offshore Senegal have increased by 14% to 641 mmbbls (100% basis, recoverable, unrisked).

A new, updated Independent Resources Report for FAR Ltd (ASX: FAR) on the SNE oil field has been completed by RISC Operations Pty Ltd (“RISC”) following the drilling of two further successful appraisal wells, BEL-1 and SNE-4.

The SNE contingent resource assessment completed by RISC and set out in its new Independent Resouce Report represents a material increase to the estimates previously reported by FAR in April (Refer: FAR ASX announcement 13 April 2016).

The SNE oil field contingent resource estimate detailed in Table 1 below are set out in RISC’s report and assessment of the probabilistic resource evaluation carried out by FAR in accordance with industry standard SPE-PRMS definitions.

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