FAR Ltd announced Friday that it, along with its joint venture partners, has received a presidential decree to extend a current Petroleum Sharing Contract (PSC) in Senegal by three years, starting from February 6, 2016.
The extension gives the joint venture more time to appraise the SNE and FAN oil discoveries made in Senegal in 2014. The first phase of the JV’s planned appraisal and exploration program has already begun and consists of three new wells - SNE-2, SNE-3 and BEL-1 – which are scheduled for completion by mid-2016.
FAR’s Senegal JV partners comprise Cairn Energy, ConocoPhillips and Petrosen.
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