FAR completes Senegal drilling program

THE ROADHOUSE BOWSER: FAR Ltd (ASX: FAR) and its Joint Venture partners have completed drilling operations on the SNE-1 well in Senegal with plans now underway to appraise the discovery.

Far explained the well discovered oil in the upper Albian sandstone target, however no hydrocarbons were subsequently encountered in the deeper target of karstified and fractured Lower Cretaceous shelf carbonates.

Following completion of logging operations, FAR said the well will be plugged and abandoned as planned.

“We have now completed drilling in what has been a monumental drilling campaign for FAR,” FAR managing director Cath Norman said in the company’s announcement to the Australian Securities Exchange.

“Both the FAN-1 and SNE-1 wells have made discoveries, each of which has the potential to be a large, stand-alone commercial development.

“These oil discoveries are an important step forward in establishing an entirely new petroleum province which will be transformational for Senegal.

“The enormous success of the upper sandstone objective in the SNE-1 well is substantially in excess of our pre-drill volume expectations and has more than compensated for the lack of hydrocarbons in the lower, carbonate target.

“Further, the excellent reservoir properties in the Albian sandstones bode well for an appraisal program and progressing towards a commercial development project.”

 

Location of the two Senegalese wells in the FAR 3D seismic area, offshore Senegal. Source: Company announcement

 

FAR anticipates making a market update including final well evaluation during first quarter 2015.

A Notice of Discovery for the SNE-1 and FAN-1 wells has been issued to the Government of Senegal.

The results of the FAN-1 well and the final analysis from the SNE-1 will be used to decide optimal follow up drilling locations as part of an appraisal and additional exploration program.

FAR has mapped a number of exploration prospects in the permit area with pre-drill prospective resources totalling 3.585 billion barrels of oil (gross, unrisked, best estimate basis, 538 million net to FAR).

Email: info@far.com.au

Website: www.far.com.au