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Tuesday, May 12, 2015
Cairn and its JV partners in Senegal have submitted a three-year evaluation work plan to the government. The three-year evaluation work plan includes an initial program of three firm and three optional exploration and appraisal wells, with drilling starting in Q4 2015.
Cairn estimates that the FAN-1 and SNE-1 discoveries, as well as currently identified prospects and leads, have an estimated mean risked resource base of more than a billion barrels.
The Ocean Rig Athena drillship has been selected for the drilling program. The rig is currently contracted to ConocoPhillips in Angola. Cairn is in the final stages of working with its JV partners to finalize the rig contract and associated support services, which are being tendered to secure current market pricing.
The firm three-well program 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 2,000-sq km 3D seismic data acquisition campaign over the Sangomar and Rufisque blocks to help fully map the prospectivity of the contract area. A work program and budget for the three optional wells will be presented to the JV 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.
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