FAR extends PSC offshore Senegal

FAR Ltd., Perth, has received a presidential decree allowing it to extend its current production-sharing contract offshore Senegal for a further 3 years, starting in February.

The extra time will enable its joint venture with Cairn Energy and ConocoPhillips to appraise the SNE and FAN oil discoveries made last year. It also will be able to evaluate the ongoing exploration potential within the PSC area.

First phase of the appraisal and exploration program has already begun. This involves the drilling of three new wells (SNE-2, SNE-2, and Bel-1) in a back-to-back sequence that will run until mid-2016.

The SNE-2 appraisal well was spudded on the Sangomar Deep offshore block earlier this month. SNE-2 is currently being drilled and cored. It will then be logged and flow tested.

This operation will be followed by drilling and evaluation of SNE-3 and then the BEL-1 exploration wildcat in the new Buried Hills play.

Cairn is operator with 40%. ConocoPhillips has 35%, FAR 15%, and Senegal national company Petrosen 10%.

Elsewhere offshore, Senegal FAR has completed a 3D seismic survey over the Djiffere block under the terms of an agreement with the Trace Atlantic Oil group to secure a farm-in option.

FAR has an exclusive right until October 2016 to farm into the block for no additional cost and become operator with 75% equity.

The Djiffere area has already been mapped using existing 2D data and FAR believes that, following its SNE discovery nearby, the prospectivity of this Djiffere region shows potential for discoveries. The 3D processing will take about 8 months, after which FAR will make its forward drilling plans.

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