Drilling Bambo-1 well with billion barrel prospectivity
In 2017, FAR acquired working interest and Operatorship in two highly prospective offshore Blocks – A2 and A5 – offshore The Gambia, located on trend with and adjacent to FAR’s Senegal blocks encompassing the world class Sangomar Field. FAR is in preparation to drill the Bambo-1 well in Block A2 which is targeting 1.118 billion barrels of prospective resources (best estimate, 100% recoverable). This well is on target to be drilled late 2021. A discovery of oil offshore The Gambia would be extremely significant for FAR shareholders and the people of The Gambia and help move The Gambia out of ‘energy poverty’ and to transition from burning heavy fuel oil for power generation.
Planning for the Bambo-1 drilling project is well advanced. The Bambo-1 well in Block A2 offshore The Gambia, is designed to drill into three prospects with a total estimated recoverable, prospective resource of 1,118 mmbbls (arithmetic sum of the Best Estimates, 559 mmbbls net to FAR). These target prospects that Bambo-1 will be intersecting are:
Soloo – The extension of the hydrocarbon-bearing reservoirs in the adjacent Sangomar Oil Field, offshore Senegal.
Bambo and Soloo Deep – two additional prospects, not drilled during the Senegal drilling campaigns. These two prospects carry a lower chance of success but higher volume of hydrocarbons. The technical assessment of the Bambo Prospect has greatly benefited from FAR’s extensive database and experience in the region and learnings from FAR’s involvement in the 11 successful wells in Senegal and the Samo-1 well drilled in 2018.
The chance of geological success for the various horizons range from 7% to 37%. The prospect volume estimates in the below table have been calculated for each individual reservoir target using probabilistic methods. Each reservoir shown above (Bambo, Soloo and Soloo Deep) has two separate targets. These volumes have then been summed arithmetically to give the totals for the Bambo-1 well.
The well is expected to take approximately 30 days to drill and planned to drill to a depth of 3266m in water depths of 993m, 85km offshore and 500m south of the Senegal-Gambia border
The Gambia Blocks A2 and A5
FAR expanded its West African exploration portfolio in March 2017 in the offshore Mauritania-Senegal-Gambia-Guinea-Bissau-Conakry Basin (MSGBC) and now holds 50% interest and Operatorship in two highly prospective offshore blocks, A2 and A5 in The Gambia. The blocks cover an area of approximately 2,682km2 within the rapidly emerging and prolific Basin and lie approximately 30km offshore in water depths ranging from 50 to 1,200 metres. In combination, Blocks A2 and A5 have potential to contain prospective resources in excess of 1 billion barrels of oil (on an unrisked, best estimate, 100% basis).
FAR’s expansion into neighbouring The Gambia in late Q1 2017 met the company’s strategic objective of continuing to explore the conventional liquids-rich plays within the MSGBC Basin. In late 2018, as Operator of the A2 and A5 Blocks, FAR drilled The Gambia’s first offshore well in almost 40 years and the country’s first ever deep water well, Samo-1. This all occurred within 18 months of being on title – a remarkable achievement for a junior explorer. Importantly, these activities were delivered with operational safety and drilling efficiency on par with much larger and more experienced operators.
Integrating data from Samo-1 into FAR’s existing geological and geophysical models has been vital in developing an improved understanding of the petroleum system within this basin and as a result, further prospectivity has been identified within our blocks. With renewed prospectivity, seismic reprocessing and new 3D acquisition to assist with maturing leads and prospects to drillable status, the A2 and A5 joint venture initiated well planning activities in Q4 2019.
The operational team that managed the Samo-1 well campaign was reassembled in Q4 2019 with significant progress being made. As operator of the A2 and A5 licences, FAR expects to make announcements in respect of material developments as the Bambo-1 begins drilling. The Gambia, officially the Republic of The Gambia, is the smallest country in mainland Africa and is surrounded by Senegal except for its coastline on the Atlantic Ocean. The Gambia is situated on either side of the Gambia River, the nation’s namesake, which flows through the centre of the country.
For further information and up-to-date progress on FAR’s Gambian licences, please visit the Announcements & Reports section of the Company website.