billion barrel prospect offshore west africa

19 May 2008
ASX ANNOUNCEMENT AND MEDIA RELEASE
BILLION BARREL PROSPECT OFFSHORE WEST AFRICA
Senegal Exploration Summary
Deep water play with giant hydrocarbon potential in the Senegalese portion of the
productive Mauritania-Senegal-Guinea Bissau-Conaky Basin.
The Sangomar Shallow and Deep-Rufisque Shallow offshore licenses cover an area
of 14981 sq km over the shelf, slope, and basin floor with multiple untested plays in a
proven hydrocarbon system.
2050 sq km 3D acquired during 2007 has been processed with detailed attribute
analysis ongoing in 2008.
Billion barrel potential in shelf edge closure (see table below).
SHELF EDGE CLOSURE – POTENTIAL
Analogue:
Amposta Field: Spain
Basin: Western Mediterranean
Basin Type: Back Arc
Reservoir Rock: Karstic Limestones
Depositional Environment: Carbonate
Platform
Trapping Mechanism: Tilted Horst
Age of Reservoir: Early Cretaceous
Net reservoir thickness: 194m (636ft)
Porosity & type: Karstic fractures and
vugs
Proved Acres: 903hc
Ultimate recoverable: 55.96 mm bbl oil
FAR ASX Release May 2008 P.2
Work by the Joint Venture has derived reservoir parameters that confirm a range of probabilistic oil in
place (OOIP) estimates for a very large shelf edge closure and multiple fan systems. The following
table illustrates that the 3D defined Aptian shelf edge Prospect falls within the giant category with
mean potential exceeding a billion barrels of oil in place.
FAR and Hunt Oil Company (“Hunt”) (Operator) continue a global marketing campaign aimed at
securing a drilling partner on prospects defined by 3D seismic offshore Senegal. Data rooms have been
opened in both Woking in the United Kingdom and Dallas, Texas to enable the review of technical
information.
Provided the farmout process is successful FAR expects to be free carried through one well the timing
of which would ultimately be dependant upon rig availability and other operational parameters.
Processing of 3D seismic data acquired during 2007 over portion of its Sangomar Shallow and Deep-
Rufisque Shallow licences, offshore Senegal, has highlighted
�� Multiple Santonian age fan systems with stacked amplitude anomalies
�� A very large Albian to Neocomian shelf edge closure (up to 178 km2)
�� Adjacent Turonian source rock kitchen in oil window
Giant Albian to Neocomian Shelf Edge Closure
Participants
• Senegal Hunt Oil Company (Operator) 60%
• First Australian Resources Limited 30%
• Petrosen (State Oil Company) 10%
10 km
Top
Aptian
depth
Str closure
178 sq km
Top
Aptian
depth
3 way dip closure highlighted
Inline 1579 Inline 1579
Top Cretaceous
Senonian Unc
Top Aptian
Neocomin