Oil Samples Recovered in FAN-1 Exploration Well Offshore Senegal

Source Press Release
Company FAR LimitedCapricorn Energy PlcConocoPhillipsPetrosen 
Tags Exploration, Upstream Activities, Upstream
Date August 27, 2014

Oil samples have been recovered in the FAN-1 exploration well being drilled offshore Senegal by FAR Ltd (ASX:FAR) and its joint venture partners Cairn Energy PLC (Operator), ConocoPhillips and  Petrosen - the Senegalese national oil company.

Elevated gas and fluorescence were encountered in a shallow secondary target and the presence of oil was confirmed by an intermediate logging program. Oil samples from a thin sand were collected by an MDT wireline formation tester for further analysis. This well data confirms the existence of a working petroleum system.

The FAN-1 well has reached a depth of 4402 metres where intermediate casing has now been set. The well will be deepened to planned Total Depth (“TD”) of approximately 5000 metres. Conclusive results for this well will not be available until drilling operations are completed and all of the well data is fully assessed. The Operator anticipates that drilling of the FAN-1 well will be completed during the next month after which time the rig will be moved to the SNE-1 well location, the second well of the two well program offshore Senegal.

FAR Managing Director, Cath Norman said, ”The presence of oil In the secondary target is important in helping our geological understanding of the margin and is significant because it confirms the existence of a working petroleum generating system. It is very pleasing that the building blocks of a working petroleum system are present and we look forward to drilling ahead to deeper objectives in FAN-1 and completing the SNE-1 well.” As previously announced, the drilling program has been designated as “tight” by the Operator and hence no information related to depth or formation will be provided during the drilling beyond what is required to meet ASX continuous disclosure obligations.

This release in relation to the matter referred to in the Company’s trading halt announcement of 25 August 2014.

Pre-drill estimates
The FAN-1 well is designed to test a stacked fan structure with the potential to contain approximately 900 million barrels of oil (mmbbls) (unrisked prospective resources)* with approximately 135mmbbls net to FAR* which owns a 15% working interest. FAN-1 will be followed immediately by the SNE-1 well to be drilled on the shelf targeting approximately 600mmbbls of oil (unrisked prospective resources)* with approximately 90mmbbls net to FAR* (reference: FAR ASX release of 27 February 2013).

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