FAR, Hunt Search for Drilling Partner for Offshore West Africa Field

FAR Ltd. has reported that Senegal Hunt Oil Company's technical studies confirm multiple fan systems with mean OOIP estimates of 183 million barrels for a single fan/single reservoir case further enhances exploration potential offshore Senegal. Fans are an alternative play type to the giant shelf edge closure reported earlier.

Analogue fields include Mexico’s Cantarell field, a super giant accumulation, and possibly North America’s largest. In pre-rift time Senegal was considered to be adjacent to Mexico before the African and American continents pulled apart.

FAR and Hunt are involved in a global marketing campaign aimed at securing a drilling partner on the above prospects and the giant 3D defined Aptian shelf edge prospect with mean potential exceeding a billion barrels of oil in place.

Provided the farmout process is successful, FAR expects to be free carried through one well the timing of which would ultimately be dependent upon rig availability and other operational parameters.

Senegal Exploration Summary

  • Deep water play with giant hydrocarbon potential in the Senegalese portion of the productive Mauritania-Senegal-Guinea Bissau-Conaky Basin.
  • The Sangomar Shallow and Deep-Rufisque Shallow offshore licenses cover an area of 14981 sq km over the shelf, slope, and basin floor with multiple untested plays in a proven hydrocarbon system.
  • 2050 sq km 3D acquired during 2007 has been processed and subjected to detailed attribute analysis in 2008.
  • Billion barrel potential in shelf edge closure and multiple fans

Participants in this exploration include Senegal Hunt Oil Company (Operator) 60%; First Australian Resources Limited 30%; and Petrosen (State Oil Company) 10%.