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Far sees potential for 1.1 bln barrels of oil from two blocks offshore Gambia

Australian oil and gas explorer Far has estimated the combined prospective resource of its two offshore blocks in West Africa’s Gambia to be 1.1 billion barrels of oil.

The estimates are the results of the detailed geotechnical evaluation and assessment of hydrocarbon resources in Blocks A2 and A5 permit area.

The company expects to obtain 926 million barrels on a net basis in the A2 and A5 blocks located in the Mauritania-Senegal-Guinea-Bissau (MSGB) Basin.  

Covering 2,682km2 and located adjacent to and on trend with FAR’s SNE oil field discovery, the two blocks have significant exploration potential, the company said.

Far has also mapped two drillable prospects including Samo and Bambo and additional leads in the blocks.

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.

“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.”

Far owns 80% stake in the two blocks, which lie approximately 30km offshore in water depths ranging from 50m to 1,500m. Erin Energy owns the remaining 20% interest in the blocks.

Currently, Petroleum Geo-Services (PGS) is undertaking geotechnical studies including reprocessing of the Block A2 and A5 3D seismic data to improve the data quality required for optimizing the location and design of the anticipated Samo exploration well.

Far plans to commence drilling program at the blocks in late 2018.


Image: Map showing the location of the Gambia licenses. Photo: courtesy of FAR Limited.