The Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licences in Guinea-Bissau have been extended for 3 years and are valid until 2 October 2023 during which time there is an obligation on the Joint Venture to drill a exploration well. FAR is working with the operator, PetroNor, to finalise the 2022 work program and budget for approval and finalisation by the middle of December. FAR remains open to farming down it’s interest prior to drilling a well. 

PetroNor and FAR are undertaking a full review of apotential well location for the 2023 program with the AtumPropsect the key drill target (mapped to contain Best Estimate Prospective Resource of 471 mmbbls, gross, unrisked, 235 mmbbls net to FAR).

The Operator is also undertaking a review of the commerciality of the Sinapa discovery in the offshore shallow water. Sinapa contains 13.4 mmbbls of oil with 2.9 mmbbls net to FAR in 2C contingent resources (Best Estimate). In addition, there is an estimated 72 mmbbls of propective resource in the West and East Sinapa Prospects that are able to be tied into a potential development at Sinapa (Best Estimate, unrisked, 15.4 mmbbls net to FAR).