African focused oil and gas explorer
FAR’s large African portfolio covers 31,400km² over eight exploration blocks in Senegal, Guinea-Bissau and Kenya in West and East Africa.
FAR’s exploration success in the first two deep water wells ever drilled offshore Senegal, FAN-1 and SNE-1, has significantly upgraded the value and potential of its African portfolio and attracted very strong interest from the global oil and gas industry.
Since mid 2014, FAR has drilled six successful exploration and appraisal wells after farming out US$240 million of work programs applicable to its acreage and upgraded the total prospective resource inventory across the company’s portfolio to more than 8.5 billion barrels. According to US Geological Survey estimates, the geology stretching from Mauritania to northern Namibia in West Africa may hold 71.7 billion barrels of undiscovered oil. Currently, FAR has six blocks located within this region.
FAR’s core West African program is in Senegal where it currently has interests in three deep water blocks. With two discoveries in the first two wells and four subsequent successful appraisal/exploration wells, these offshore concessions offer significant potential for additional world class oil discoveries.
In Guinea Bissau, which lies immediately south of Senegal, FAR holds three offshore blocks where recent seismic data has outlined a highly promising prospect.
FAR continues to evaluate African offshore opportunities and aims to build on its established standing in the region.