Functioning hydrocarbon system
The underlying exploration potential of offshore Guinea-Bissau has long been recognised given the functioning hydrocarbon system, good potential reservoirs and multiple drillable prospects in a wide shallow water shelf setting. Encouraging results from 3D seismic acquired in 2010 has identified numerous prospects and leads.
In late April 2015, the Government of Guinea-Bissau approved a 2 year extension to the current exploration term. The extension period began on 26 November 2015.
The joint venture approved a work program including the drilling of one appraisal well on the Sinapa West oil discovery at the end of 2015. However, in light of FAR’s neighbouring discovery on the shelf offshore Senegal (SNE), a re-interpretation of the Guinea-Bissau 3D seismic data is ongoing to assess the potential for this oil play in the blocks.
In the wake of the discovery in the SNE-1 well, the joint venture has acquired additional seismic on the shelf edge to better define a look-a-like structure in the Guinea-Bissau acreage. This new 3D data has been specifically designed to evaluate the large Atum prospect, which was previously only partially covered by 3D data.
For further information and up-to-date progress on FAR’s Guinea-Bissau licences, please visit the Announcements & Reports section of the Company website.