FAR Ltd (ASX:FAR) has completed an assessment of hydrocarbon resources for its two offshore blocks in The Gambia which resulted in combined prospective resources being assessed at 1.2 billion barrels.
Prospective resources for A2 and A5 blocks, which cover 2,682 square kilometres, were estimated on an unrisked, best estimate, recoverable, 100% basis with 621 million barrels net to FAR.
A2 and A5 are within the rapidly emerging and prolific Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) Basin in water depths ranging from 50 to 1,500 metres.
Drilling preparations
Operations are underway to prepare for drilling in 2020.
FAR managing director Cath Norman said “Since making the discoveries at SNE and FAN offshore Senegal and subsequently, at FAN South and SNE North, it has been FARs core strategy to build on our geological knowledge, contacts and nimbleness in the market to add high-quality drilling opportunities in the MSGBC Basin for our shareholders.
“Through drilling the Samo-1 well, we now have a clearer data set that has been integrated back into our models which now provides a much better understanding of the geology throughout the Gambian blocks.
"We look forward to completing our prospect selection and drilling again next year.”
Detailed geotechnical evaluation
The assessment of the blocks followed a detailed geotechnical evaluation by FAR Gambia Ltd, a wholly-owned subsidiary of FAR, and incorporated the results and data from Samo-1 well.
FAR has a 50% working interest and is the operator of the two licences.
Block A2 prospects
At A2, the Soloo Prospect has been mapped as an extension of the SNE Field into The Gambia and the two main reservoir targets in Soloo were both hydrocarbon-bearing in the SNE wells.
A well drilled into the Soloo may also be drilled into the shallower Bambo Prospect which has resource potential of 454 mmbbls and is directly updip and on an oil migration pathway as learned from the Samo-1 well.
Jobo Prospect is at a shallower level to the SNE reservoirs but has a similar trapping style and has access to the same source kitchens with resource potential of 280 mmbbls.
Leads in Block A5
FAR has also mapped a number of large leads in Block A5.
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