FAR Limited to commence Gambia drilling in Q4 2021

Gambia initial FAROil and gas explorer FAR Limited has executed a contract with Stena Drillmax Ice Limited, a subsidiary of Stena Drilling Ltd, to commence drilling operations in the Bambo-1 well offshore The Gambia in Q4 2021

The Bambo-1 well in Block A2 offshore The Gambia, is designed to drill into three prospects with a total estimated recoverable, prospective resource of 1,118 mmbbls (arithmetic sum of the Best Estimates, 559 mmbbls net to FAR) and the chance of geological success for the various horizons range from 7% to 37%. These target reservoirs are:

1. Soloo – The extension of the hydrocarbon-bearing reservoirs in the adjacent Sangomar Oil Field, offshore Senegal.

2. Bambo and Soloo Deep – two additional prospects, not drilled during the Senegal drilling campaigns. These two prospects carry a lower chance of success but higher volume of hydrocarbons (see Table 1). The technical assessment of the Bambo Prospect has greatly benefited from FAR’s extensive database and experience in the region and learnings from FAR’s involvement in the 11 successful wells in Senegal and the Samo-1 well drilled in 2018.

FAR is operator with a 50% working interest in the A2 and A5 permits with its joint venture partner, PC Gambia Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS).

Gambia 1Planning for the Bambo-1 drilling project is well advanced. The execution of the rig contract marks a significant milestone in the planning for the well with spud now confirmed for between 1 October and 30 November 2021, subject to rig schedule.

The well is expected to take approximately 30 days to drill and planned to drill to a depth of 3266m in water depths of 993m, 85km offshore and 500m south of the Senegal-Gambia border.

Cath Norman, managing director, FAR Limited, said, “The rig is planned to commence drilling in Q4 this year and the well will be the first well to be drilled in the Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry (MSGBC) Basin since the collapse of the market in the wake of the oil price crash and the COVID-19 pandemic and we look forward to getting back to basics at FAR and delivering value to our shareholders through successful exploration drilling.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

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