Join our daily newsletter At The Bell to receive exclusive market insights
- FAR Limited (FAR) has submitted the final Sangomar Field Development and Exploitation Plan to the Government of Senegal
- The plan outlines how the Sangomar field will be developed in multiple phases with plans for 645 million barrels of oil equivalent to be produced
- Developing this oil field has the potential to transform FAR into one of the largest ASX-listed oil producers in early 2023
- FAR Limited is up a slight 2.17 per cent with shares trading for 4.7 cents apiece
FAR Limited (FAR) has submitted the final Sangomar Field Development and Exploitation Plan to the Government of Senegal.
The Development and Exploitation Plan outlines the full field multi-phase development of oil and gas and outlines how the Sangomar field will be developed in a series of phases with plans for 645 mmboe (million barrels of oil equivalent) to be developed.
Developing this world-class oil field in Senegal has the potential to transform FAR from explorer to material producer and become one of the largest ASX-listed oil producers in early 2023.
“The Exploitation Plan outlines how the field will be developed to the benefit of the people of Senegal and the joint venture, and we are excited about being in a position to take a final investment decision,” Petrosen, the National oil company of Senegal, Director-General Mamadou Faye said.
In 2014, FAR made two world-class oil discoveries in the Sangomar Deep portion of its offshore Senegal PSC.
These discoveries dramatically changed the global oil industry perceptions of the region’s petroleum prospectivity turning Senegal into one of the world’s most sought after exploration destinations.
In addition to this appraisal of the Sangomar Field, FAR and its joint venture partners have made two more discoveries offshore Senegal.
These discoveries are yet to be assessed but demonstrate the prolific oil-bearing nature of the source rocks in the basin.
“Submission of the final version of the Development and Exploitation Plan for the Sangomar Field Development is a huge milestone for FAR and the joint venture,” FAR Managing Director Cath Norman said.
“The Sangomar Field Development is anticipated to result in considerable cash generated for FAR and its shareholders from first oil in 2023, a time when FAR would also be one of the largest oil producers listed on the ASX,” she added.
FAR Limited is up a slight 2.17 per cent today with shares trading for 4.7 cents apiece at 2:25 pm AEDT.
