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Tuesday, February 9, 2016
FAR Ltd. commissioned RISC Operations Pty Ltd to prepare an Independent Resources Report for the SNE oil field offshore Senegal. The report was prepared as of December 2015 incorporating recent data available from wells SNE-1 and FAN-1 and reprocessed 3D seismic.
The company said that the RISC resource report on the SNE represents a material increase to the estimates previously reported by FAR in late-2014 with the SNE field 2C contingent resource increasing by 42% to 468 million barrels (100% basis, recoverable).
The estimation of Stock Tank Oil Initially in Place used 3D seismic data covering the field and wireline log data from SNE-1. The recovery estimates have been evaluated using analytical methods. The volumes of individual zones have been aggregated probabilistically taking account of dependency between input property distributions. FAR has requested RISC to update its independent assessment of SNE contingent resources following results from each of the wells in the ongoing three well SNE appraisal program.
FAR announced the successful results from SNE-2, the first well of this appraisal program well, in early January. The second SNE appraisal well (SNE- 3) is currently undergoing preparations for a drill stem testing program following the successful drilling, coring and wireline logging of the well. SNE-3 has been drilled approximately 3 km south of SNE-1 at a location designed to evaluate the mid reservoir and upper “hetrolithic” reservoir sections. This well will be followed by BEL-1, to be drilled into the Bellatrix Prospect and evauate the Buried Hill exploration play as well as being deepened to appraise the northern part of the SNE oil field.
RISC’s Independent Resource Report notes that the SNE field contingent resource estimates presented in its report have not been updated to reflect the results of the SNE-2 appraisal well or any other changes since December 2015, and that new data may materially impact these contingent resource estimates. The SNE discovery is at a very early stage of appraisal and will require significant further drilling, testing and studies before any commercial development scheme could be defined.
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