Far
Far appears to be getting back on its feet again after the trials and tribulations of the last couple of years. This week they announced their Q3 report in which they confirm completion of Senegal RSSD sale to Woodside and sale proceeds of US$126 million received as well as that drilling of Bambo-1 well, offshore The Gambia, expected to commence 13 November and of course the capital return to shareholders of A$0.80 per share completed, cash at end quarter US$64.7M.
Operational and logistics planning for the drilling of the Bambo-1 well in offshore Block A2 are well advanced and the IceMax drillship is scheduled to be in Las Palmas in late October to complete preparations and loading before mobilising to The Gambia. FAR has been advised that the spud date for the Bambo-1 well is planned for 13 November, 2021.
The well is designed to drill into a series of vertically stacked targets (Figure 2) with a combined estimated
recoverable, prospective resource of 1,118 mmbbls (arithmetic sum of the Best Estimates, unrisked, 100% basis
with 559 mmbbls net to FAR*) as shown in Table 1 (Refer ASX releases dated 16 June and 21 September 2021).
Long standing shareholders will be those who have believed in Far from the start, for me I am of the view that their technical team that effectively found the Senegal discovery was exceptional and that circumstances, some of their own making admittedly overtook them. The next quarter will be most interesting.
