Successful completion of the SNE-3 appraisal well has...

Successful completion of the SNE-3 appraisal well has demonstrated the ability of SNE field upper reservoir units to flow at commercially viable rates and make a material contribution to oil volumes. Two drill stem tests (DST) have confirmed the deliverability of the upper reservoir units:  A gross 15m zone flowed at a maximum rate of 5,400 barrels of oil per day (bopd) and a stabilised main flow rate of 4,000 bopd (56/64” choke).  An additional 5.5m zone was added to the first flow and produced at a combined stabilised flow rate of 4,500 bopd (56/64” choke).

FAR Managing Director Cath Norman said; “We are delighted with the SNE-3 well results which have exceeded our pre-drill expectations. The excellent reservoir properties in multiple sands in the SNE field are again demonstrated by these flow test results. By successfully flow testing the upper units, FAR now has greater confidence that the SNE field is not only of a size required to justify a commerial development, with potential to grow, but also that the field will deliver oil at commerially viable rates. “We commend the drilling management team for delivering another well safely, efficiently and ahead of schedule. The marvellous performance of the Ocean Rig Athena and the operating team have created significant savings in the drilling budget which are very welcome in these trying market conditions. “We look forward to now drilling the BEL-1 well and updating our shareholders as the evaluation of the SNE field progresses.”