FAR has received advice from the Minister of Energy for the Republic of Senegal, dated November 20, 2008, confirming a one year extension to the First Renewal Period under the Contract for Exploration and Hydrocarbon Production Sharing covering the Rufisque and Sangomar and Sangomar Deep offshore blocks.
Following the grant of the extension, FAR intends, subject to approval by Petrosen (Senegal's National Oil Company), to increase its working interest to 90 percent and assume Operatorship of the three offshore blocks.
The increased interest in the blocks will place FAR in a strong position with the continuing farm-out process, briefly interrupted to obtain the extension. Written offers to participate in the drilling of a well have been received from two large international exploration and production companies, with a third offer, from a major, pending.
To enable these offers to be fully considered and a farm-in partner or partners secured to enable the drilling of an exploration well, the co-venturers including FAR and Petrosen, requested the current contractual period of the license be extended by one year.
The successful application for the extension had been based on the following:
FAR is seeking to be free carried through the drilling of the first exploratory well.
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