African oil & gas
FAR Limited (ASX:FAR) is an independent, Africa focussed, Australian Securities Exchange listed, oil and gas exploration and development company with high value assets in West Africa, East Africa and Australia.
Incorporated in Western Australia in 1984 as First Australian Resources NL, the company became a listed public entity in 1985 changing its name to FAR Limited in 2010.
In West Africa, FAR holds a portfolio of exploration licences in Senegal, The Gambia and Guinea-Bissau. In East Africa, FAR has exploration acreage in the emerging oil and gas province of Kenya. FAR also holds acreage surrounded by proven petroleum systems in the state of Western Australia.
Two world class, offshore oil discoveries; FAN-1 and SNE-1, were made by FAR in Senegal in late 2014 which have transformed FAR and underscored the global significance of its West African margin exploration leases.
FAN-1 and SNE-1 were the first exploration wells to be drilled offshore Senegal in the for over 20 years and the first wells ever drilled in water deeper than 500 metres.
SNE-1 in the Sangomar Field was ranked as the world’s No. 1 discovery for 2014.
Since then, FAR has drilled seven highly successful Sangomar Field appraisal wells that have significantly de-risked the field and substantially increased FAR’s estimates of the Sangomar oil resource. In addition to Sangomar and FAN there have been a further two discoveries including SNE-North and FAN-South which are in tie-back range of a hub development at Sangomar. First oil at Sangomar is expected in 2023.
FAR has a robust balance sheet and a highly experienced board and management team with strong relationships in Africa.
FAR’s mission is to generate value that rewards shareholder investment and other key stakeholders through continued growth and exploration success.