First Australian: Processing Underway for Offshore Senegal Data

First Australian Resources Limited (FAR) reported Tuesday that Senegal Hunt Oil Co. has filed its quarterly reported submitted through Petrosen to the Ministry of Energy and Mines for the Republic of Senegal.

The report confirms that acquisition of the Sangomar Deep 3-D seismic survey, which commenced on February 14, was concluded on March 28. The survey total area was 2089km2; the data was acquired in 46 days at an estimated survey acquisition cost of US$12,100,000.

Data processing of the on-board DMO stack data volume was completed while the seismic boat was en-route from Senegal to Dunkirk, France. The stacked data volume and a velocity data file have been sent to Spectrum in the UK where the on-board cube is being migrated, with an estimated delivery date of the third week in May.

All indications from preliminary stacks of the data processed on board indicate that the data is of excellent quality.

Field tapes have been sent to CGG in Houston, where full processing of the data volume is being performed. Interpretation and Prospect Analysis is scheduled to commence during the fourth quarter 2007.

FAR holds a 30-percent participation in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore blocks. These offshore concessions, located in the Mauritania- Senegal, Guinea Bissau Basin, offer potential for world-class oil accumulations.

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