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FAR(ASX:FAR) shares tank on conclusion of drilling at the Bambo Well

ASXNews, Energy

ASX:FAR MCAP $39.41M

Francesca De NuccioMarkets Presenter/[email protected] 2021 12:22 (AEDT)

Managing Director, CathNormanSource:

Bottom ofForm

·FAR Limited (FAR) has concluded the drilling and formationevaluation operations for the Bambo-1ST1 well offshore from The Gambia

·Bambo-1 was initially drilled to a depth of 3216 meteres MDBRTwhilst obtaining wireline logging data and the Bambo-1ST1 (side track) welldrilled to a depth of 3317 meters MDBRT

·The obtained drilling and logging data, highlighted severaltarget intervals in the well had oil shows, confirming a prolific oil sourcepresence in the area

·FAR says the oil shows indicate further hydrocarbon potentialnearby and in the wider A2 and A5 blocks

·FAR Limited shares are down 48.3 per cent to trade at 38 centsat 11:53 am AEDT

Shares in FAR Limited(FAR) is down by up to 50 per cent as it announced the conclusion of thedrilling and formation evaluation operations for the Bambo-1ST1 well offshorefrom Gambia, West Africa.

Bambo-1 was initiallydrilled to a depth of 3216 metres measured depth below rotary table (MDBRT)whilst obtaining wireline logging data and the Bambo-1ST1 (side-track) welldrilled to a depth of 3317 metres MDBRT.

The drilling and loggingdata obtained on the main well and the side-track well indicates that severaltarget intervals in the well had oil shows, confirming a prolific oil source ispresent in the area.

Samples were recoveredand the presence of the oil will be confirmed by laboratory analysis.

The side-track well wasplanned to be drilled to the final total depth through all target reservoirs,and to intersect zones of interest from the main well in a different location,to provide additional data and sample potential oil.

The company saysinterpretation of the cuttings and wireline logging information indicates thesezones have been charged with oil in poor-quality reservoirs and in breachedtraps, leaving behind some residual oil.

Additionally, theside-track well also intersected oil shows in the Soloo Deep units whichweren’t previously encountered by the original well.

The oil shows werepersistent over several hundred metres, confirming access to the prolificoil-generative kitchen is present, which may open additional materialexploration opportunities and running room.

FAR managing director,Cath Norman, said the project has provided significant geological information,including new play types, that reaffirms the potential of further hydrocarbonprospects in the A2 and A5 blocks in the Gambia.

“Bambo-1 and theside-track have confirmed that all of the requisite petroleum system elementsare present in the area and the technical team is already busy integrating thenew data and high-grading future prospects,” she said.

“The drilling conditionsfor the Bambo-1 well presented some technical challenges, but we completed thewell and the side-track operations safely and within our amended budget. Wethank our drilling team at Exceed and Stena for working co-operatively with FARin completing this program.”

The company says it looksforward to working with its co-venturer Petronas and the Government of TheGambia on the next steps in realising the country’s exploration potential.

FAR Limited shares aredown 47.6 per cent to trade at 38 cents at 11:53 am AEDT.

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