Senegal CSEM Data Acquisition Phase Completed

Source: www.gulfoilandgas.com 6/1/2009, Location: Africa

First Australian Resources (FAR) is pleased to announce the completion of the Data Acquisition phase of the CSEM Data Acquisition and Geophysical Evaluation Programme over part of its Licence Area comprising Sangomar Offshore, Rufisque Offshore and Sangomar deep Offshore Blocks in Senegal, West Africa; where a number of drilling prospects have already been identified by FAR and its partner Petrosen.

The CSEM data acquisition was funded by Shell and conducted using the MV Boa Thalassa, the world's first purpose built EM survey vessel, launched in December 2008 and chartered by EMGS under a long-term contract.

The objective of the programme is designed to enable Shell to determine whether or not to exercise an option (“the Option”) to acquire a 70 percent interest in the Licence Area and enter the second renewal period that includes a well commitment. Shell has 90 days from the completion of the Data Acquisition phase to decide whether to exercise the Option.

FAR has been advised by Shell that the Data Acquisition phase was completed on 28 May 2009.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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