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Tuesday, October 1, 2019
FAR Limited has acquired an additional 10% interest in the highly prospective offshore Blocks A2 and A5 offshore The Republic of The Gambia, giving FAR a 50% working interest and the company retains operatorship. The interest is held in the FAR subsidiary, FAR Gambia Ltd.
The Government of The Gambia (“GOTG”) has issued new licenses to the Joint Venture in respect of the A2 and A5 Blocks, incorporating updates to the License terms. Under the new Licenses, FAR Gambia Ltd and PC Gambia Ltd (a subsidiary of Petroliam Nasional Berhad, “Petronas”) each has a 50% participating and paying interest.
The key terms of the new licenses include a three-year Initial Exploration Period, commencing immediately, plus two optional extension periods of two years each; a commitment to drill one well in the first two years in either Block and to acquire, process and interpret 450 sq km of 3D seismic in the first three years; signature bonuses of $4.5 million for the two licenses ($2.25 million net to FAR). The agreement is effective from October 1.
FAR has conducted extensive geotechnical studies on the SAMO-1 well data, which has led to the identification of additional target intervals to those mapped prior to drilling. Work is on-going to map and quantify the resulting prospects, and updates on the prospects and their resource potential will be made when this work has been completed. A 3D seismic survey is planned for late 2019 to further delineate some of the identified prospects. A well is planned to be drilled in 2020. The Blocks A2 and A5 License areas, covering 2,682 sq k , are adjacent to and on trend with FAR’s world class SNE oil field discovery which is moving toward development and first oil in 2022.
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