- FAR (FAR) says a review of the prospectivity of the A2 and A5 blocks offshore The Gambia points to a “prolific oil source”
- It comes after completion of the Bambo drilling campaign at its Gambia project in late 2021
- The company says drilling and logging data for the main well and the side-track well indicates the presence of a prolific oil source and that oil shows encountered in the drilling are persistent over several hundred metres
- FAR says it will now begin a farm-down of its interest in blocks A2 and A5 and will seek a carry on the cost of a well for drilling in late 2023, plus a contribution to its past costs
- FAR shares up 6.06 per cent to 70 cents
FAR (FAR) has announced that a review of the prospectivity of the A2 and A5 blocks offshore The Gambia points to a “prolific oil source”.
The company said the assessment was undertaken following completion of the Bambo drilling campaign at its Gambia project in late 2021.
Drilling and logging data obtained on the main well and the side-track well “confirmed” the presence of a prolific oil source and that oil shows encountered in the drilling were persistent over several hundred metres.
Oil shows in the Bambo prospect S390 and S400 reservoirs encountered in the Bambo-1 and Bambo-ST1 wells also highlighted up-dip potential in the A2 Block, according to FAR.
Samples from the drilling program were still pending, while further work on mapping the deeper oil-bearing reservoirs continues.
FAR said it intended farming down of its interest in blocks A2 and A5 and seeking a carry on the cost of a well for drilling in late 2023, plus a contribution to its past costs.
FAR shares were trading 6.06 per cent higher at 70 cents at 1:54 pm AEDT.