Drillship owner and operator Stena advises that the window for mobilisation of the Stena IceMax drillship to The Gambia is between October 25 and November 7, 2021.
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Financial update
Cash at half year-end was $3.3 million with no external borrowings as of June 30, 2021.
During the period, FAR continued operational preparations for drilling the Bambo-1 well.
A contract for the drillship was executed during the June quarter and rig owner and operator, Stena, has advised the window for mobilisation of the Stena IceMax drillship to Gambia is currently between October 25 and November 7, 2021.
In early July, a bundled services contract with Schlumberger was executed for delivery of the drilling fluids and cement for drilling operations and rental of the wireline services and logging equipment for the well.
FAR expects to award contracts for helicopter services and marine support vessels that will transport crew and equipment to the drillship this quarter.
The Environment and Social Impact Assessment (ESIA) has been approved and a range of secondary level permits are in progress with the regulatory authorities of The Gambia.
Approved budget for the Bambo-1 well is US$51.4 million with US$9.5 million expended to July 31, 2021.
At 50% working interest, FAR’s share of the budgeted well cost is US$25.7 million with US$20.95 million yet to be spent with the company’s share of the well cost to be funded from cash at hand.
Other operations
FAR is working with a new operator, PetroNor, to finalise the 2022 work program and budget for its operations at Guinea Bissau with approval expected by the end of October.
In addition, the company has completed the interpretation of the Davros Extension multiclient 3D survey, which has provided additional insight on the prospectivity of its exploration permit WA458-P, which is in the prolific oil-producing Dampier Sub-basin along Australia’s North-West Shelf.
Furthermore, FAR is undertaking success case planning in the event of discovery and continuing evaluation of the additional prospects in A2 and A5 (Jobo, Jatto and Marlo) in Gambia as well as reviewing opportunities for additional acreage in a success case.
Board changes
The company has appointed Patrick O’Connor as the chairman of its Board of Directors.
This board now comprises independent non-executive directors O’Connor and Robert Kaye, together with managing director Cath Norman.
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