Potential for 1.2 Billion Barrels of Oil Offshore the Gambia

Source Press Release
Company FAR Limited 
Tags Strategy - Upstream, Upstream Activities
Date November 14, 2019
  • FAR has undertaken a detailed geotechnical evaluation for its 2 offshore blocks in The Gambia and completed an assessment of hydrocarbon resources

  • Combined Prospective Resources for the two blocks assessed at 1.2billion barrels* (unrisked, Best Estimate, recoverable, 100% basis) with 621 million barrels* net to FAR.

  • Operations are underway to prepare for drilling in 2020

Prospective Resource upgrade

FAR Gambia Ltd, a wholly owned subsidiary of FAR Ltd (ASX: FAR) has completed detailed geotechnical studies incorporating the Samo-1 well results and data, and have assessed significant hydrocarbon resource potential in its two blocks offshore The Gambia. The Blocks A2 and A5, covering 2,682km2, are adjacent to and on trend with FAR’s world class SNE oil field. A2 and A5 are located within the rapidly emerging and prolific Mauritania-Senegal-Gambia-Bissau-Conakry (“MSGBC”) Basin in water depths ranging from 50 to 1,500 metres (Figure 1). FAR has a 50% working interest and is the Operator of the two licences.

FAR has identified large prospects similar to the “shelf edge” plays FAR has successfully drilled in Senegal and assessed prospective resources of 1.2 billion bbls across the four main prospects (gross, unrisked, best estimate, prospective resource).

These prospect have access to the same prolific oil-prone system that charged the SNE oil field and are shown below in Figure.

Gambia prospects  Block  Best Estimate (mmbbls)* 
Soloo 410  A2  126 
Soloo 440  A2  26 
Soloo (Arithmetic Sum)  A2  152 
Bambo S390  A2  454 
Jobo S172  A2 & A5  280 
Malo S186  A5  137 
Malo S540  A5  219 
Malo (Arithmetic Sum)  A5  356 
Total all prospects    1,242 
Total net to FAR    621 

 *The estimated quantities of Petroleum that may potentially be recovered by the future application of a development project relate to undiscovered accumulations. These estimates have an associated risk of discovery and a further risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The Soloo Prospect has been mapped as an extension of the SNE Field into The Gambia. The two main reservoir targets in Soloo were both hydrocarbon-bearing in the SNE wells. A well drilled into the Soloo Prospect may also be drilled into the shallower Bambo Prospect which has resource potential of 454 mmbbls* and is directly updip and on an oil migration pathway as learned from the Samo-1 well.

The Jobo Prospect is at a shallower level to the SNE reservoirs but has a similar trapping style and has access to the same source kitchens. It has resource potential of 280 mmbbls*.

FAR has also mapped a number of large leads in Block A5. The Malo Lead is the most prominent and extends outside the existing 3D seismic coverage - a new 3D seismic survey is planned to delineate this lead and firm it into prospect status.

FAR is also reprocessing the seismic in A2 using the data from Samo-1 and Full Waveform Inversion (FWI) processing to improve the depth model for the Soloo, Bambo, Jobo and other prospects currently being mapped in A2. This work will enable high-grading of the identified prospects and selection of a drilling candidate for 2020. FAR Managing Director, Cath Norman, said,

“Since making the discoveries at SNE and FAN offshore Senegal, and subsequently at FAN South and SNE North, it has been FAR’s core strategy to build on our geological knowledge, contacts and nimbleness in the market to add high quality drilling opportunities in the MSGBC Basin for our shareholders.

Through drilling the Samo-1 well, we now have a clearer data set that has been integrated back into our models which now provides a much better understanding of the geology throughout the Gambian blocks.

We look forward to completing our prospect selection and drilling again next year”

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd