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FAR now has 50% stake in offshore Gambian blocks

FAR plans to conduct a 3D seismic survey to further outline the identified prospects. Photo

FAR, Australia-based exploration and production company has acquired an additional 10% interest in the Blocks A2 and A5, located offshore the Republic of The Gambia. Sequel to this acquisition, the total working interest of the company is now expected to peak 50% interest and would retain the major operators of the blocks The interest is held by its subsidiary, FAR Gambia. “FAR is very pleased to conclude the discussion with the Government of The Gambia which has resulted in the signing of new Licences for the A2 and A5 blocks. “In addition to FAR acquiring the additional 10% equity in these blocks,the new Licences reset the exploration periods and provide more time and options to fully explore this acreage. FAR is very encouraged by the high prospectivity in these Gambian blocks and will immediately commence plans for seismic acquisition and drilling in 2020.” FAR stated New Blocks Licencing Round Blocks A2 and A5 have allocated by the Government of Gambia has issued new licences in which FAR Gambia and PC Gambia, a subsidiary of PETRONAS holds 50% participating and paying interest each.Three-year initial exploration period which will start immediately, while two optional extension periods for two years are also inclusive under the new licencing round. Effective from 1 October, the new licencing agreement also includes a commitment to drill one well in the first two years in either Block and to acquire, process and interpret 450km2 of 3D seismic in the first three years. FAR’s SNE oil field discovery. The Blocks A2 and A5 licence areas cover 2,682km2 and are located adjacent to FAR’s SNE oil field discovery which its post drilling operations is near production of its first oil as projected in 2022. FAR said that it has carried out wide “In addition to FAR acquiring the additional 10% equity in these blocks, the new Licences reset the exploration periods and provide more time and options to fully explore this acreage. FAR is very encouraged by the high prospectivity in these Gambian blocks and will immediately commence plansfor seismic acquisition and drilling in 2020.” ranging geotechnical studies on the SAMO-1 well data, which has led to the identification of additional target intervals to those mapped prior to drilling. FAR is progressing its drilling activities to map and quantify the resulting prospects. and its plan to conduct a 3D seismic survey in late 2019 to further outline the identified prospects and to drill a well in 2020.

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