MELBOURNE, Australia – FAR has entered into a farm-in option agreement with a subsidiary of Trace Atlantic Oil for the Djiffere block offshore Senegal.
Djiffere’s western section is along the geological trend with shelf play types identified in the eastern part of the RSSD blocks.
FAR has identified numerous large drillable prospects in this area which it says could hold 765 MMbbl of prospective oil resources, in a variety of structural play types that include Buried Hill and Shelf Edge plays.
Additionally, the company has detected potential shelf structures within the Djiffere block from existing 2D seismic, and estimates that one could potentially hold more than 100 MMbbl.
FAR can earn a 75% interest in the block by drilling an exploration well before July 31, 2018, subject to approvals from Senegal’s government, and can exercise the farm-in option at any time prior to Oct. 31, 2016.
The company has contracted Polarcus to conduct a 3D seismic survey over the western part of the Djiffere block, as an extension of a current 3D campaign over the RSSD blocks. The results, combined with other seismic data, will provide 400 sq km (154 sq mi) of 3D coverage for evaluate the block’s shelf trend potential.
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