Drill or drop decision in 2023
Through its wholly owned subsidiary, Lightmark Enterprises Pty Ltd, FAR has a 100% interest in Petroleum Exploration Permit A-458-P, which is in the oil-producing Dampier Sub-basin along Australia’s North-West Shelf.
During 2021, FAR completed the interpretation of the Davros Extension multiclient 3D survey, which has provided additionalinsight on the prospectivity of the block. FAR also undertook divestment activities for some or all of FAR’s interest in WA-458-P, using this new data and interpretation. FAR has a ‘drill or drop’ obligation on the licence in January 2023.
For further information and up-to-date progress on FAR’s Australian licences, please visit the Announcements & Reports section of the Company website.