GAMBIA: FAR Completes Review of the Prospectivity of Blocks A2 and A5

FAR  has completed a review of the prospectivity of the A2 and A5 blocks offshore the Gambia, following the Bambo drilling campaign in late 2021.
The drilling and logging data obtained on the main well (Bambo-1) and the side-track well (Bambo-ST1) confirmed both the presence of a prolific oil source in the area and that oil shows encountered whilst drilling were persistent over several hundred metres, confirming key reservoirs had access to this oil generative kitchen.

The Soloo prospect S440 and S410 objectives in the Bambo drilling campaign were found to have indications of hydrocarbons, but no significant oil
volumes have been interpreted in the southern extension of the Sangomar Field in the A2 Block. However, oil shows in the Bambo prospect S390
and S400 reservoirs, encountered in the Bambo1 and Bambo-ST1 wells have highlighted updip potential at both those levels in the A2 Block.

These prospective target intervals form the new Panthera prospect. Further mapping of the potential oil-bearing reservoirs has opened additional, material exploration opportunities and FAR has high-graded three of the four mapped prospects for potential drilling: Panthera, Jatto and Malo.
These three high-graded prospects each house multiple potential oil-bearing reservoir targets.

Evaluation of samples taken from the drilling program remain under laboratory analysis and further work on mapping the deeper oil-bearing reservoirs is ongoing. FAR will now commence a farm-down of its interest in blocks A2 and A5 and in doing so, seek a carry on the cost of a well for drilling in late 2023 and a contribution to FAR’s past costs.

Future work program and budget for The Gambia project
Following the drilling of the Bambo wells, FAR, as Operator of the Joint Venture, is revising the work to be undertaken in 2022 and accordingly, the budget for the works. The current, Joint Venture approved 2022 budget is US$9.56 million (50% to the account of FAR and 50% to co-venturer,
Petronas) and FAR expects to reduce this by approximately 40% to US$5.7 million for the 2022 year. This will require review and voting for the amended work program and budget by the Joint Venture which is scheduled for March. Petronas are supportive of reducing the 2022 budgeted expenditure.