Compelling exploration in the southern MSGBC Basin
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.
The contiguous Sinapa and Esperanca permits are located within the Casamance salt sub-basin offshore Guinea-Bissau. FAR retains a non-operating interest in these two permits, which comprises of three blocks (2, 4A and 5A) covering an area of almost 5,000km2. Over 70% of the acreage lies above a water column of less than 100m with a maximum water depth approaching 1,500m outboard west.
The Sinapa permit hosts the Sinapa oil discovery – a shallow water salt-related feature with contingent resources of ~13.4mmbbls of recoverable light oil (unrisked, 2C case, 100% basis). FAR’s geotechnical evaluation of this original discovery highlighted further potential surrounding the salt diapir. These additional resources support a prospective resource of over 72mmbbls recoverable (unrisked, best estimate, 100% basis). A full prospectivity review of the blocks conducted in 2017 identified an exciting shelf-edge geological setting – a proven play fairway in Senegal – along the western parts of the licences. Two prospects Atum and Anchova (Greater Atum), were high-graded for follow up drilling. The Sinapa and Esperanca Licences are currently within an extension period of Phase 2, Part 2 of the Initial Term, which is due to end in November 2020. The Joint Venturers, with the support of the National Oil Company of Guinea-Bissau (Petroguin), agreed to apply for a further 3-year extension to the current exploration phase in order to meet the outstanding obligations on the licences. The Joint Venture expects to resume well planning in 2020 once it receives the Presidential Decree endorsing the licence extensions.
For further information and up-to-date progress on FAR’s Guinea-Bissau licences, please visit the Announcements & Reports section of the Company website.