FAR takes 100% interest in permits offshore Gambia

FAR Ltd. has acquired a further 50% interest in two exploration permits offshore Republic of Gambia in West Africa to move to 100% interest.

The blocks, A2 and A5, have been acquired from Malaysian company Petroliam Nasional Berhad (Petronas).

FAR negotiated with the Government of Gambia to remove the obligation to drill an exploration well in the next 2-year license term which begins Oct. 1, 2022, thus reducing immediate expenditure and enabling FAR to conduct a detailed geoscience review incorporating results of Samo-1 and Bambo-1 wildcats, FAR said.

The company is seeking joint venture partners to undertake the review and ultimately drill exploration wells in the permits. Subject to conditions, including government approval, the incoming party may assume operatorship, FAR said. The actions have minimal impact on the company’s forward budget, but significantly improve the chance of securing new investment, said chairman Patrick O’Connor.

Full assessment from Bambo-1 drilling is ongoing. Oil shows were detected during drilling and the subsequent Bambo-1ST1 side-track. Laboratory work, based on analysis of rock cuttings recovered during the drilling program, confirmed oil at multiple levels, including immediately beneath the S390 secondary objective.

The S390 reservoir up-dip from Bambo-1 lies within a structural closure which forms the Panthera prospect. There were also oil shows down-dip of the Panthera closure in Samo-1 which presents evidence of an oil charge at both ends of the prospect.

It is possible Bambo-1ST1 caught the edge of an oil column, FAR said.

The S390 reservoir and seal would be the primary objective in the Panthera prospect. This reservoir was penetrated by the nearby Jammah-1 well which contains several sandstone units and a sound top seal.

FAR is emerging from years of financial turmoil during which it was forced to sell its interest in Sangomar oil field immediately to the north across the international border in Senegal to Woodside Energy Ltd. in July 2021.