FAR Ltd: Q4 Report (01 October – 31 December 2017)
Thursday 1 February 2018
RSSD (Rufisque, Sangomar and Sangomar Deep) Senegal (FAR 15%)
During the quarter, the RSSD joint venture confirmed completion of the SNE field appraisal and progressed predevelopment activities for the first phase of development. The extensive SNE field with an area covering approximately 350km2 has been assessed by FAR to contain 640mmbbls on a full field basis (100% basis, best estimate, Contingent Resources, unrisked). The joint venture aims to have all Government approvals in place by the end of 2018, with a target of first oil in 2021-2023.
A2/A5, The Gambia
During the quarter FAR completed detailed geotechnical studies and assessed significant hydrocarbon resource potential in its two blocks offshore The Gambia. The Blocks A2 and A5, covering 2,682km, are adjacent to and on trend with FAR's world class SNE oil field and have significant exploration potential. A2 and A5 sit within the rapidly emerging and prolific Mauritania-Senegal-Guinea-Bissau-Conakry ("MSGBC") Basin and lie approximately 30km offshore in water depths ranging from 50 to 1,500 metres.
From 1,504km of modern 3D seismic data acquired in A2 and A5, FAR has identified large prospects similar to the "shelf edge" play FAR has successfully drilled in Senegal. FAR has mapped two drillable prospects, Samo and Bambo and additional leads in the blocks.