Minister Approves Renewal of FAR’s Senegal Blocks

Source: www.gulfoilandgas.com 2/13/2012, Location: Africa

FAR is pleased to announce it has received formal advice from the Minister of Energy for the Republic of Senegal confirming FAR’s entry into the next exploration phase (second renewal period). The renewal, under the Contract for Exploration and Hydrocarbon Production Sharing (PSC) covering the Rufisque and Sangomar and Sangomar Deep offshore blocks, will run for a term of two years. The Minister has informed FAR that a Decree is now being finalised for signing by the President.

The PSC terms specify the requirement to drill a well within two years of entering the renewal period backed by a surety of US$5 million that is forfeitable in the event of non-performance. The Ministerial approval and pending Decree places FAR in a strong position to secure a farm-in partner.

FAR considers that there is a compelling case for going into the drilling phase for the following reasons:
• FAR has acquired one of the largest 3D surveys off the northwest coast of Africa covering an area exceeding 2000 square kilometers resulting in a high quality data set that has been processed into a world class seismic volume leading to the identification of several plays and drillable prospects.
• A competent persons report prepared by Senergy (GB) Limited in October 2011 estimates gross unrisked OIP (P50) of 2.98 billion barrels and unrisked prospective resources (P50) of 697 million barrels of oil.
• The Licence renewal will provide more certainty to potential farminees.
• The renewal will provide time to procure a drilling partner and allow for the long lead times involved in rig procurement.
• 2012 is shaping up to be a landmark year for deepwater exploration generally along the Central Atlantic Margin with wells earmarked for drilling by Anadarko (Sierra Leone/Liberia), Hyperdynamics (Guinea), African Petroleum (Liberia and Gambia) and Chevron (Liberia).
• Transactions in Liberia and Gambia (abutting FAR’s Senegal licence area) by NSX listed African Petroleum provide strong independent evidence supporting the underlying value of FAR’s Licences.

Senegal exploration summary
• Deep water play with significant hydrocarbon potential in the Senegalese portion of the productive Mauritania-Senegal-Guinea Bissau Basin.
• The Licence covers an area of 7,491 square kilometres over the shelf, slope and basin floor with potential multiple untested plays in a proven hydrocarbon system.
• A 2,086 square kilometre 3D seismic survey acquired in 2007 highlighted multiple Santonian age fan systems with stacked amplitude anomalies, and a very large Albian to Neocomian shelf edge closure adjacent to a Turonian oil source rock kitchen.
• Senegal has excellent fiscal terms by world standards.
• FAR is in partnership with Petrosen (National Oil Company) in the Licence.
• Although the activity levels are growing rapidly in the region, this section of the margin remains relatively unexplored.


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