FAR Refutes Claims that it cannot Farm Into Djiffere Block

FAR Limited has refuted claims that it cannot exercise its option to farm into the Djiffere block offshore Senegal because of a lack of funds.

“There has been some concern raised about an article that appeared in a little known African newsletter claiming that FAR could not exercise its option to farm into the Djiffere block offshore Senegal because FAR could not raise money to complete the transaction,” FAR Managing Director Cath Norman said.

“The statements made in relation to this issue were false and misleading and FAR has notified the editors. There has been no contact made between FAR and the authors of this newsletter and we have requested that they reveal their source of information and retract the article,” Norman added.

FAR’s obligation under the Djiffere block option agreement was to acquire 150 square miles of 3D seismic data, which was acquired in 2015, therefore the company has met its obligations, Norman said.

“There is no cash payment to be made to the operator for entry into the permit. As reported in FAR’s September quarterly report to the ASX, FAR finished the quarter with a healthy cash balance of $50 million and estimate spending $8 million in the December quarter,” Norman said.

FAR has an option agreement with Trace Atlantic Offshore Limited to earn a 75 percent interest in the Djiffere block (subject to Government approvals). Preliminary processed products from the 3D survey on Djiffere have been arriving over the September quarter with final products expected to arrive at the end of 2016. FAR expects to be ready to make a final decision regarding its option after this time.

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


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Specialist
Expertise: Business Development|Sales
Location: Midland, TX
Field Office Manager
Expertise: Accounting|Secretarial or Administrative
Location: Manquin, VA
Project Accountant
Expertise: Accounting
Location: San Diego, CA
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours