FAR in Farm-in Option Agreement for Senegal Offshore Block

Africa-focused oil and gas explorer FAR Limited announced Thursday that it has entered into a farm-in option agreement with a subsidiary of Trace Atlantic Oil Ltd for the Djiffere block offshore Senegal.

Under the agreement, FAR has the option to earn a 75 percent working interest in the Djiffere block by drilling an exploration well before July 31, 2018. The block is adjacent to FAR’s Rufisque, Sangomar and Sangomar Deep blocks that contain the SNE- 1 and FAN-1 oil discoveries.

FAR’s Managing Director Cath Norman commented in a company statement:

“This option agreement provides FAR with access to exciting new acreage offshore Senegal adjacent to our existing blocks and with increased exposure to the shelf trend prospectivity confirmed by the SNE discovery. With a large 75 percent equity position in Djiffere, FAR is well positioned to build its acreage position in this highly prospective emerging petroleum province”.

FAR has awarded Polarcus a contract to undertake a 3D seismic survey in the Western part of the Djiffere block. The survey, which will evaluate the shelf trend potential within the Djiffere block, is expected to be completed during this month as an extension of the current ongoing 3D seismic survey being conducted by FAR and its Senegal joint venture partners over the RSSD blocks. FAR estimates that its 3D survey in Djiffere will cost $1.1 million.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Lukoil Finds Oil at Iraq Well (Feb 22)
 -  Gazpromneft-Sakhalin: Ayashsky License... (Feb 22)
 -  PSA Grants Aker BP Consent to Connect ... (Feb 22)
 -  CGG Wins DPC Contract in Brunei (Feb 21)
 -  NPD: Total Proven, Unproven Resources ... (Feb 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Planning Analyst
Expertise: Cartography / Mapping|Design Engineer
Location: Jane Lew, WV
 
Completions data analyst
Expertise: Geoscientist|Petroleum Engineering|Workover or Completion
Location: Houston, TX
 
Floorhand ---GOM Barge Div.
Expertise: Floorhand / Roughneck
Location: New Iberia, LA
 
search for more jobs

Brent Crude Oil : $55.84/BBL 1.44%
Light Crude Oil : $53.59/BBL 0.86%
Natural Gas : $2.59/MMBtu 1.17%
Updated in last 24 hours