First Australian Resources (FAR) is pleased to announce the completion of the Data Acquisition phase of the CSEM Data Acquisition and Geophysical Evaluation Program over part of its License Area comprising Sangomar Offshore, Rufisque Offshore and Sangomar deep Offshore Blocks in Senegal, West Africa; where a number of drilling prospects have already been identified by FAR and its partner Petrosen.
The CSEM data acquisition was funded by Shell and conducted using the MV Boa Thalassa, the world's first purpose built EM survey vessel, launched in December 2008 and chartered by EMGS under a long-term contract.
The objective of the program is designed to enable Shell to determine whether or not to exercise an option to acquire a 70 percent interest in the License Area and enter the second renewal period that includes a well commitment. Shell has 90 days from the completion of the Data Acquisition phase to decide whether to exercise the Option.
FAR has been advised by Shell that the Data Acquisition phase was completed on May 28, 2009.
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