Next drill IMO will be Soloo in second half of 2020:
(from Oct 2019)
FAR Ltdestimates potential for 1.2 billion barrels of oil offshore The Gambia
The two blocks assessed are on trend with FAR’s world-classSNE oil field. The company has a 50% working interest and is the operator ofthe A2 and A5 licences.
Operations are underway to preparefor drilling in 2020
FAR Ltd(ASX:FAR) has completed an assessment of hydrocarbon resources for its two offshore blocks in The Gambia which resulted in combined prospective resources being assessed at 1.2 billion barrels.
Prospective resources for A2 and A5blocks, which cover 2,682 square kilometres, were estimated on an unrisked,best estimate, recoverable, 100% basis with 621 million barrels net to FAR.
A2 and A5 are within the rapidlyemerging and prolific Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) Basin inwater depths ranging from 50 to 1,500 metres.
Drillingpreparations
Operations are underway to preparefor drilling in 2020.
FAR managing director Cath Normansaid “Since making the discoveries at SNE and FAN offshore Senegal andsubsequently, at FAN South and SNE North, it has been FAR’s core strategy tobuild on our geological knowledge, contacts and nimbleness in the market to addhigh-quality drilling opportunities in the MSGBC Basin for our shareholders.
“Through drilling the Samo-1 well,we now have a clearer data set that has been integrated back into our modelswhich now provides a much better understanding of the geology throughout theGambian blocks.
"We look forward to completingour prospect selection and drilling again next year.”
Detailedgeotechnical evaluation
The assessment of the blocksfollowed a detailed geotechnical evaluation by FAR Gambia Ltd, a wholly-ownedsubsidiary of FAR, and incorporated the results and data from Samo-1 well.
FAR has a 50% working interest andis the operator of the two licences.
BlockA2 prospects
At A2, the Soloo Prospect has beenmapped as an extension of the SNE Field into The Gambia and the two mainreservoir targets in Soloo were both hydrocarbon-bearing in the SNE wells.
A well drilled into the Soloo mayalso be drilled into the shallower Bambo Prospect which has resource potentialof 454 mmbbls and is directly updip and on an oil migration pathway as learnedfrom the Samo-1 well.
Jobo Prospect is at a shallowerlevel to the SNE reservoirs but has a similar trapping style and has access tothe same source kitchens with resource potential of 280 mmbbls.
Leadsin Block A5
FARhas also mapped a number of large leads in Block A5.
The Malo Lead is the most prominentand extends outside the existing 3D seismic coverage with a new 3D seismicsurvey planned to delineate this lead and firm it into prospect status.
FAR is also reprocessing the seismicin A2 using the data from Samo-1 and Full Waveform Inversion (FWI) processingto improve the depth model for the Soloo, Bambo, Jobo and other prospects beingmapped in A2.
This work will enable high-gradingof the identified prospects and selection of a drilling candidate for 2020.
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