FAR has received advice from the Minister of Energy for the Republic of Senegal 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.
According to the Ministerial advice the extension granted to FAR will be for a one year period commencing from the date of a formal Presidential Decree to follow (as distinct from the current license expiry date of November 22, 2009).
FAR is Operator of three offshore Blocks and holds a 90 percent interest with the balance being held by Petrosen (Senegal's National Oil Company). The extension and large working interest of 90 percent will place FAR in a strong position with the continuing farm-out process following Shell's decision not to farm-in to the Blocks.
FAR has provided data packages to several large international exploration and production companies; detailed technical reviews are now in progress. To enable this process to continue and a farm-in partner or partners secured for 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 cost recovery and a free carry through the drilling of one exploratory well.
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