Far Limited sees huge oil resource in Gambia
Two Far Limited-operated prospects located in Blocks A2 and A5 offshore The Gambia have a combined best estimate prospective resource of 1.1 billion barrels of oil.
Earlier this year, Far took over 80% interest in offshore Blocks A2 and A5 from Erin Energy while Erin kept the remaining 20% interest. The transaction was approved by the country’s government in July giving Far operatorship over the two blocks.
Far has completed detailed geotechnical studies and assessed significant hydrocarbon resource potential in its two blocks offshore The Gambia, the Australian company said on Tuesday.
The Blocks A2 and A5 permit area, covering 2,682km2, are adjacent to and on trend with Far’s world class SNE oil field discovery and have significant exploration potential. A2 and A5 sit within the rapidly emerging and prolific Mauritania-SenegalGuinea-Bissau (MSGB) Basin and lie approximately 30km offshore in water depths ranging from 50 to 1,500 meters.
From 1,504km2 of modern 3D seismic data acquired in A2 and A5, Far said it has identified large prospects similar to the “shelf edge” plays Far has successfully drilled in Senegal. FAR has mapped two drillable prospects, Samo and Bambo and additional leads in the blocks.
Potential for 1.1 billion barrels of oil
An independent oil and gas advisory firm, RISC Operations, has conducted an audit of Far’s internal estimate of Prospective Resources for the Samo and Bambo prospects located in The Gambia permits A2 and A5. The Bambo prospect has been identified following recent mapping of the 3D seismic and targets a separate reservoir objective on the same structural trend as the Samo prospect. The two prospects have a combined best estimate Prospective Resource of 1.1 billion barrels on a gross unrisked basis (926 million barrels net to Far).
The Samo prospect has two target intervals, is on trend and shares many similarities with the giant SNE oil field. As such it is very highly rated with an estimated chance of success (CoS) in one or both targets, endorsed by RISC, of 55%. According to Far, it is rare to have an exploration prospect with such a high CoS but this reflects the adjacent discovery at SNE and the confidence Far Limited has developed in exploring in the play fairway which is yet to experience a dry well. The Bambo play type is less understood but the Bambo prospect is still highly regarded with a CoS of 18%. Far said that more work will be carried out to improve understanding of the play and to further derisk the prospect.
Far has also mapped a number of large leads in Block A5. This is in an area of poorer data quality and extends outside the 3D seismic coverage. These leads will be the subject of further mapping when the reprocessing of the seismic survey is available.
Far Managing Director, Cath Norman, said: “Since making the discoveries at SNE and FAN offshore Senegal, and subsequently at FAN South and SNE North, it has been Far’s core strategy to build on our geological knowledge, contacts and nimbleness in the market to add high quality drilling opportunities in the MSGB Basin for our shareholders. As the RISC audit testifies, the opportunity we have captured in Blocks A2 and A5 offshore The Gambia represent a huge prize if successful.
“Given the eight successful wells drilled on the shelf to date in Senegal and into the key reservoirs in the Samo prospect, the geological chance of success for drilling this prospect is high for a frontier exploration well. The Samo well will be the only exploration well to be drilled offshore The Gambia since the Jammah-1 well drilled in 1979.
“Success in this well at the scale that RISC has supported would be truly transformational for the people of The Gambia and Far is proud to again be in the privileged position of delivering the country’s first, modern exploration well as we were in 2014 in Senegal.”
Following Government approval of the assignment of Far’s 80% interest in Blocks A2 and A5, Far as the operator of the Block A2 and A5 joint venture has progressed the license work program including well planning activities.
Far’s Gambia office was opened in September 2017 and its in country team of 5 personnel is focused on managing Government and in country stakeholder interfaces and relationships. Well planning and preparation activities are progressing with; long lead items ordered, well design planning underway and preparation of an enviromental impact assessment and contingency plan started. Rig and shore base options are being investigated.
Geotechnical studies are progressing including reprocessing of the Block A2 and A5 3D seismic data by Petroleum Geo-Services (PGS) with the aim of improving the data quality for optimizing the location and design of the anticipated Samo exploration well.