The next well slated for emerging oil prospects off the coast of Senegal will be the first such activity since a major discovery in 2014, FAR Ltd. announced.

The Australian company, which has a core focus offshore West Africa, announced plans for an exploration well in the southern section of the FAN prospect off the coast of Senegal

"FAN South-1 is the first well drilled into the basin play since the initial FAN-1 discovery well in 2014," the company announced. "The well will assess the upside potential for improved reservoir presence and quality in the basin."

The company in early April announced that it was over-subscribed for a placement of 1 billion shares, generating around $60 billion in capital to fund drilling, evaluation and pre-development programs off the coast of Senegal, and potentially the acquisition of further assets off the Gambian coast.

In its latest update, the company said the southern FAN prospect holds 134 million barrels of recoverable oil on best estimates. By the company's estimates, more than 1.5 billion barrels of oil may be in basins off the coast of Senegal.

FAR is focused on the broader Mauritania-Senegal-Guinea-Bissau basin. With eight regional oil discoveries so far, the company said MSGB is quickly emerging as an exploration hot spot.

"We are drilling in a part of the basin where we expect to encounter improved reservoir presence and quality and gain valuable information in understanding the substantial potential of the large deep water basin area," Cath Norman, the company's managing director, said in a statement.

The company in March entered into a partnership with the British subsidiary of China National Offshore Oil Corp. that defines areas of mutual interest off the coast of Gambia and Senegal. FAR Ltd. holds its annual general meeting May 29.

Tweet

Georgia formally ratifies EU energy treaty
Washington (UPI) Apr 25, 2017
Leaders from the European Union said Tuesday they welcomed Georgia, a former Soviet republic, as the latest member of the European energy community. All 89 members of the Georgian Parliament ratified an agreement Monday to align energy policies with the European Union. "The Energy Community welcomes Georgia's accession and the commitment for approximating Georgia's energy sector ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only