FAR shares up 75% in 2018 with more potential catalysts to come

http://www.*.com.au/companies/news/201499

FAR shares up 75% in 2018 with more potential catalysts to come

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12:59 25 Jul 2018

Upcoming newsflow includes details on the Samo-1 oil well and an evaluation report.

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Shares in the company last traded at 13.5 cents

FAR Ltd (ASX:FAR) shares are up over 20% in the past week and up 75% in 2018 with several pieces of news flow expected.

The oil and gas company is focused on its portfolio of offshore assets in northwest Africa.

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In 2014 it participated in the world’s largest oil discovery for that year in the SNE oilfield located offshore Senegal.
Since 2014, the Senegal joint venture has drilled 11 from 11 successful oil wells offshore Senegal and FAR has also made four independent discoveries.

READ: FAR prepares to drill for oil offshore The Gambia, backed by oil major PETRONAS

An upcoming potential catalyst for FAR are details on the location of the planned Samo-1 offshore oil well within Block A2 located offshore The Gambia in West Africa.

Industry expert Wood Mackenzie has ranked the Samo-1 well as one of the key wells to watch around the globe for 2018.

Oil major PETRONAS is farming-in to the project in a deal worth up to US$53.6 million.

FAR is the operator and has a 40% working interest in the A2 and A5 petroleum licences with PETRONAS holdings 40% and Erin Energy 20%.
Evaluation report for Senegal project

In other upcoming potential catalysts, an evaluation report for the Senegal project is also expected.

This report will likely include a joint venture view on the economics of the project and a timeline for the arbitration process.

The arbitration process is related to FAR’s claim to pre-emptive rights over a 35% stake in the SNE oilfield that was sold to Woodside Petroleum Ltd (ASX:WPL).