FAR Energy Hooks A Big Catch, page-40

Odd1, u jumped thro' their first two cmd's!!

Here's their timeline for the JV. I've squeezed in the KOS bits in conjunction with Tullow's as that provides a good idea of how they went with their Jubilee campaign.

http://www.tullowoil.com/operations/west-north-africa/ghana/ghana-timeline

The first 2 wells were drilled in May & July 2007 (Mahagony#1 & Hyedua#1) & hit 91m net & 41m net oilpay.

In 2008, they drilled M#2 & conducted 2 DST's across the Upper & lower sands & had a total flowrate of 9648 bopd.

(Note: at this point the JV completed drilling 3 wells, 5kms either side of M#1 discovery. The JV had cored 2 wells, took multiple sidewall cores, had reservoir pressure data, fluid samples & had DST done on 2 sands at M#2). This confirmed the true extent of Jubilee. They did a water injection test between the 3 wells & established a continuity in the sands with no compartments (unlike WPL's Chinguetti).

In Jun'08 KOS went & raised $US500mil for the nxt phase of Appraisal activity.

The JV then drilled H#2 with 50m net oilpay & did DST's at H2 & M1 which flowed 16750 bopd & 20k bopd from different sands.

Around July'09 the Minister granted them the Dev approval & an area classed as JUA was assigned for Development. The JV came back & drilled 6 more wells.

In July'09 KOS arranged a debt facility for US750mil & the rest is history with first oil in Nov 2010 after a total of 17 wells were completed during Phase-1 at around US3.5bil capex. Avg flw is about 102k bopd & the 100th million barrel was lifted in May'14.

http://www.tullowoil.com/search/?q=capital market day&order=relevance

Here's the KOS link, again this needs to b read from 2008 onwards till 2010.

http://investors.kosmosenergy.com/phoenix.zhtml?c=238878&p=irol-news&nyo=7

Use the above as a base guide, since the FAR r using the Jubilee analogue as a case study.

Jubilee JV used Chevron's Agbami in 1460m waters in the Nigerian delta as a case study as that was the first Deepwater development in the region with first oil on 29th July 2008, 965 MMbbls rec reserves, phase-1 with 16 wells at US7bil costs & avg flow is over 200+kbopd and they've just completed phase-2 with 10 wells at gross capex of US1.9bil. Phase-3 is planned for 2017 after an FID decision.