Highly prospective – seeking farm-out
In 2017, FAR acquired a working interest and operatorship in two highly prospective offshore blocks, A2 and A5, offshore The Gambia, located on trend with and adjacent to the giant Sangomar Oil Field, offshore Senegal (refer Figure 1). FAR is Operator of both blocks and holds a 50% paying and beneficial interest, with co-venturer, Petronas.
Blocks A2 and A5 have been assessed to contain substantial prospective resources and operations for the Bambo-1 well and Bambo-1ST1 side-track well in Block A2. the works over the year were focussed on final well location selection and preparation for drilling. In late 2021, FAR concluded the drilling and formation evaluation operations for the Bambo-1 well and Bambo-1ST1 side-track well in Block A2.
Bambo drilling campaign
FAR successfully complete the drilling and formation evaluation operations for the Bambo drilling campaign in offshore The Gambia, using the Stena IceMax drillship in late December 2021. The operations were conducted safely and within the amended budget. Although the well did not encounter commercially viable quantities of oil or gas it did provide a wealth of information which can be used to better understand the exploration potential of the block.
Bambo-1 was initially drilled to a depth of 3216m MDBRT (metres drilled below the rotary table) and wireline logging was completed. The Bambo-1 well was then plugged and the Bambo- 1ST1 (side-track) well drilled to a depth of 3317m MDBRT after which, wireline logging was undertaken for this side-track.
The drilling and logging data obtained on the main well and the side-track well indicates that several target intervals in the well had oil shows, confirming a prolific oil source is present in the area. Initial interpretation of the cuttings and wireline logging information indicates that these zones have been charged with oil in poor quality reservoirs and in traps that might have been breached, leaving behind some residual oils in the reservoirs. Rock and fluid samples were recovered from several intervals, identified in the Bambo well. and laboratory analysis of these samples is underway in 2022, which will provide additional data about the oil potential identified in the Bambo well.
The Soloo prospect objectives in the Bambo-1 well, which represented the potential southern extension of the Sangomar field in A2, indicated some oil shows but no significant oil volumes. However, oil shows in the Bambo prospect reservoirs, encountered in both the Bambo 1 and Bambo-1ST1 wells have highlighted updip potential to the south in the A2 Block that is mapped as the new Panthera prospect. A number of other reservoirs in the Bambo drilling campaign showed oil potential which has opened additional material exploration opportunities and running room in both the A2 and A5 Blocks.
TABLE 1: Gambia Block A2 and A5 Prospective Resource volumes (unrisked, recoverable resources, 100% equity basis*).
Refer to disclaimer and notes to Prospective Resources estimates on page 6 of the annual report. * The total volume for each prospect has been calculated as the arithmetic sum of the volumes for each target level. These volumes have been derived by FAR and have not yet been reviewed by the Joint Venture. The CoS (geological Chance of Success) for each prospect are a pro-rated average of each internal target CoS for that prospect. Refer to ASX announcement of 21 February 2022.
The well and side-track have been plugged and abandoned consistent with the planned well abandonment program for this type of exploration drilling.
The drilling of the Bambo wells fulfils the minimum work obligation of drilling one exploration well for the Initial Exploration Periods for both the A2 and A5 Licences and hence FAR and its co-venturer have the right to enter the next period (First Extension Exploration Period) for each of the Licences on expiry on 30 September 2022.
Subsurface studies and future prospectivity
During the year, FAR completed regional and detailed subsurface studies across A2 and A5. These studies included seismic processing and integration of various data
sets acquired across the blocks, and, in early 2022, results obtained from the Bambo drilling campaign were included in the evaluation. This mapping has opened additional, material exploration opportunities and FAR has high-graded three prospects for potential future drilling: Panthera, Jatto and Malo. These three high-graded prospects each house multiple potential oil-bearing reservoir targets. The location and size of these prospects are shown in Figure 2 and Table 1.
FAR is now progressing a farm down of its working interest in Blocks A2 and A5 and in doing so, seeks a carry on the cost of a well for drilling in late 2023 and a contribution to past costs.
FAR has budgeted to spend US$6.8 million during the year ending 31 December 2022 on The Gambia licences and their farm-down, corporate and administration costs. It is expected that a farm-down will be completed during 2022.
For further information and up-to-date progress on FAR’s Gambian licences, please visit the Announcements & Reports section of the Company website.