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Wednesday, August 24, 2016
FAR Ltd. reported that it has received a new updated Independent Resources Report on the SNE oil field offshore Senegal. 2C contingent oil resources contained in the SNE field offshore Senegal have increased by 14% to 641 million barrels.
The resource update was completed by RISC Operations following the drilling of two further successful appraisal wells, BEL-1 and SNE-4. It should be noted in FAR’s updated resource report the 2C contingent resources differ from the recent report from Cairn, the operator of the SNE oil field.
FAR’s uptick in 2C contingent resources represents a material increase to the estimates previously reported by FAR in April. A full accounting of the Independent Resource Report can be found on FAR’s website.
Commenting on the latest assessment FAR Managing Director Cath Norman said: “RISC’s new independent assessment of SNE’s 2C contingent recoverable resource of 641 mmbbls represents a significant 14% increase to RISC’s previously reported estimate of 561 mmbbls, and a stellar increase of 316% from the pre-drill estimated size of the field.
“RISC’s latest assessment of SNE integrates the results from the successful BEL-1 and SNE-4 appraisal wells. BEL-1 confirmed good quality oil reservoirs in the northern portion of the SNE field. SNE-4 found oil bearing upper reservoir sands of similar quality to those encountered as gas bearing elsewhere in the SNE field.
“The industry phrase “good fields get better” could not be more appropriate for this world class field. The growth of the SNE field from a pre-drill P50 estimate of 154mmbbls to a 2C recoverable contingent resource of 641 mmbbls today has been achieved in less than two years. This highlights that new information from each successful SNE appraisal well and associated wireline logging, flow testing and core data has improved the overall level of confidence of the size of the field when integrated with 3D seismic and reservoir mapping.
“The Senegal JV has cut 612m of core data from four successful appraisal wells drilled into the field and this information is now dramatically improving our understanding of the petrophysical nature of the reservoir when combined with the well log data, particularly for the upper reservoir sand units.
“FAR has delivered another remarkable independently audited SNE resource upgrade and we look forward to providing investors with a future statement on FAR’s view of the commerciality of the SNE oil field, update on our prospective resources, and the resumption of drilling offshore Senegal in 2H 2016. SNE is a world class oil field that is truly worthy of the “elephant” title.”
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