Continental Focus, International Reach

FAR Raises Nearly $50 Million for Senegal Ops

Tuesday, October 21, 2014

Following a significant oil discovery offshore Senegal, FAR Ltd. completed a placement to institutional and sophisticated investors to raise $46.7 million before expenses by issuing shares. The Cajun Express was used to drill the FAN-1, with partners Cairn Energy, ConocoPhilips, and Petrosen. The rig was mobilized to complete the second exploration well in Senegal’s SNE-1 drilling program.

FAR managing director Cath Norman said: “The discovery of oil in FAN-1 and an extended period of unscheduled maintenance have resulted in an increase to the forecast cost of the Senegal drilling program that exceeds our funding cap for both wells. The additional funds raised will now allow us to complete this very exciting drilling program. The discovery of oil in FAN-1 has gone some way to increasing the chance of success in the SNE-1 well so we eagerly await the results from this next well and hope to repeat the success of FAN-1. FAR also looks forward to advancing our other exploration ventures in Kenya, Guinea Bissau, and Australia and embarking on new ventures.”


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