Operational and logistics planning for the drilling of the Bambo-1 well in offshore Block A2 are well advanced and the IceMax drillship is scheduled to be in Las Palmas in late October to complete preparations and loading before mobilising to The Gambia. FAR has been advised that the spud date for the Bambo-1 well is planned for 13 November, 2021. 

FAR has contracted Exceed’s wells management team in Aberdeen to assist with the planning and execution of the well.

All other major contracts for the Bambo-1 drilling project have been awarded, including the contract with Stena for the IceMax and with Schlumberger for bundled services. Contracts for marine support vessels and helicopter services have also been awarded. Most long-lead materials and supplies have been received and are now at several locations in readiness for the operational phase of the project. The shore base for the project is located at Dakar, Senegal, and is now fully operational and ready to support the upcoming drilling activities. 

The well is designed to drill into a series of vertically stacked targets with a combined estimated recoverable, prospective resource of 1,118 mmbbls (arithmetic sum of the Best Estimates, unrisked, 100% basis with 559 mmbbls net to FAR). 

The targets are:

1. Bambo – A shallower reservoir not intersected during the Senegal campaign.
2. Soloo – The extension of the hydrocarbon-bearing reservoirs in the adjacent Sangomar Oil Field, Senegal.
3. Soloo Deep (S552 & S562) – two additional horizons, also not penetrated during the Senegal drilling campaigns. Soloo Deep has a lower chance of success but higher potential volumes.

The approved budget for the Bambo-1 well is US$51M with US$11.4M expended to date. At 50% working interest, FAR’s share of the budgeted well cost is US$25.5M with US$19.8M yet to be spent. FAR’s share of the well cost will be funded from cash at hand. 

Outside well preparations for the drilling of the Bambo-1 well, FAR has completed success case planning in the event of a discovery. FAR is also continuing evaluation of the additional prospects in A2 and A5 (Jobo, Jatto and Malo) as well as reviewing opportunities for additional acreage in a success case. Success in the Bambo-1 well will high grade these other prospects for drilling in the future.