Far is a dead end????...Jimmy did you research before that statement look what's happening in q3 and q4 this yr!!!
Cairn and its joint venture partners have submitted a three year evaluation work plan to the Government of Senegal including an initial programme of three firm and three optional exploration and appraisal wells, with drilling starting in Q4 2015 in Cairn’s new basin play offshore Senegal focused on the acreage around the SNE-1 discovery well. Cairn estimates that the existing two discoveries and the currently identified prospects and leads have an estimated mean risked resource base of more than a billion barrels.
The Ocean Rig Athena, a 7th generation dual activity drillship has been selected for the drilling programme. The rig is currently contracted to ConocoPhillips in Angola. Cairn is in the final stages of working with its joint venture partners to finalise the rig contract and associated support services, which are being tendered to secure current market pricing.
The firm three well programme is currently planned to include two appraisal wells of the SNE-1 discovery which will core and test the reservoir, as well as one shelf exploration well. There will also be a 2,000km2 3D seismic data acquisition campaign over the Sangomar and Rufisque blocks to help fully map the prospectivity of the contract area.
A work programme and budget for the three optional wells will be presented to joint venture partners in Q3 2015. Targets for these wells will be drawn from a combination of further evaluation of the SNE-1 discovery, additional exploration in the shelf region, and exploration in the acreage around FAN-1. Drilling plans for these wells will be subject to ongoing FAN studies and the results of the first three firm wells.
Cairn believes there is substantial prospectivity across all three of its blocks and to date at least five prospects and eighteen leads have been identified and continue to be matured to drillable status.
The SP fall is just because of no news im loking forward to q3 but even more a Christmas bonus!!!
FAR Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
