Ann: Financing Update, page-303

Another article from stock-head.

Energy: This explorer has started on the road towards oil production







FAR Limited (ASX:FAR) and its joint venture partners, which include operator Woodside Petroleum (ASX:WPL), have given the green light to developing their Sangomar oil field offshore Senegal.
The first phase is expected to produce a total of 231 million barrels (MMbbl) of oil from 2023 through a series of 23 subsea wells tied to a floating production, storage and offloading facility.
Sangomar has current proved and probable reserves of 231MMbbl of oil and a further resource of 253MMbbl that is contingent on further development drilling and installation of additional subsea infrastructure.
For FAR, the project will transform the company from an explorer to a producer with peak net production of 13,670 barrels of oil per day.
FAR currently has a 15 per cent stake in the project and has secured a $US300m facility with Macquarie Bank, BNP Paribas and Glencore.
The company is No.2 on Credit Suisse’s list of ASX-listed companies tipped to make big gains this year.