Petroleum Africa
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Thursday, February 6, 2014
FAR Ltd. reported that it has completed detailed geotechnical studies and assessed significant hydrocarbon resource potential in its three Guinea Bissau offshore block. FAR holds stakes in the Sinapa Block 2, and the Esperanca Blocks 4A and 5A.
The company said that the existing East Sinapa oil discovery is estimated to contain contingent resources of 13.4 million barrels of oil (unrisked, 2C, 100% basis), with 2.0 net to FAR. East Sinapa is also estimated to contain prospective resources of 7.5 million barrels of oil (unrisked, best estimate, 100% basis) with 1.1 million net to FAR. The Sinapa-2 discovery well was drilled by Premier in 2004 and encountered 124 meters of gross oil column with further oil encountered updip by a side track well.
The West Sinapa Prospect, which is expected to be drilled by the joint venture in late-2014, is estimated to contain Prospective Resources of 64.7 million barrels of oil (unrisked, best estimate, 100% basis) with 9.7 million net to FAR. The prospect is assessed to have significant upside with 251.7 million barrels of oil (unrisked, high estimate, 100% basis) and 37.8 million barrels net to FAR.
There have also been a further 14 prospects and leads identified on the permits. The total combined Prospective Resources for the 3 blocks are estimated to contain 954 million barrels of oil (unrisked, best estimates, 100% basis) with 143 million net to FAR. An immediate follow up well is planned in 2014 in the event of success on the West Sinapa well.
The company said in a release that its hydrocarbon resource assessment confirms the billion barrel oil potential of the permits. The two existing discoveries in the permits provide clear evidence of a functioning hydrocarbon system thus the chance of exploration success in our first well in the permits, planned for late 2014, is relatively high. With the permits being located in benign shallow waters, the costs of exploration and development are commercially attractive. FAR said “Our Guinea-Bissau permits are an emerging strong component of our diversified African exploration portfolio and have the potential to add significant value for our shareholders.”
FAR holds a 15% participating interest and 21.43% paying interest in Guinea Bissau’s state-run firm has a 30% participating interest which is non-paying during the exploration phase. Svenska Petroleum Exploration Guinea Bissau holds the remaining participating interest and is operator of the permits.
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