Petroleum Africa
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Friday, May 16, 2014
FAR Ltd. reported that Cairn Energy PLC, the operator of the two-well drilling campaign offshore Senegal, said that operations on the FAN-1 well in the Sangomar Deep block are continuing after the Cajun Express rig drilled the top hole section of the second well, the SNE-1.
After drilling operations on FAN-1 are complete, the rig will then return to the SNE-1 location. This dual objective prospect targets stacked Cretaceous clastics and a deeper target of karstified and fractured Lower Cretaceous shelf carbonates. There are several other shelf edge anomalies that provide follow-up potential in the success case.
Cairn (Operator) has a 40% WI in the three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore, Rufisque Offshore) and is working with JV partners: ConocoPhillips 35% WI; FAR Ltd 15% WI and Petrosen retaining a 10% WI in the exploration phase. In the event of a commercial success, ConocoPhillips will have the option to operate the future development of the resource.
“FAR is in an enviable position as we continue our drilling program in Senegal. The company has two strong partners, retains a high equity in any discovery made and is well funded to meet its commitments in these wells. Success in either of these two wells offshore Senegal will be significant and open the door to a large inventory of follow on drill targets creating sizeable upside for the company and its partners. It is a fantastic milestone for the company and one that we aim to reproduce in Kenya where we are currently progressing a farm-out initiative. We expect that the success of the recent Sunbird-1 well will change the exploration landscape offshore Kenya where FAR is well positioned with a strong acreage position. It is wonderful that FAR has a deep African portfolio of opportunities for our shareholders,” said Cath Noman FAR’s MD.
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