GUINEA BISSAU: Sinapa & Esperança licences Get 3 Year Extension

The Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau have been extended for 3 years and are valid until 2 October 2023 during which time there is an obligation on the Joint Venture to drill an exploration well.

FAR says it is working with the new operator, PetroNor, to finalize the 2022 work program and budget for approval and finalization by the end of October. FAR has commenced a farm down of its interest prior to drilling a well before October 2023.

PetroNor and FAR are undertaking a full review of a potential well location for the 2023 program with the Atum Prospect the key drill target (mapped to contain Best Estimate Prospective Resource of 471 mmbbls).

The Operator is also undertaking a review of the commerciality of the Sinapa discovery in the offshore shallow water. Sinapa contains 13.4 mmbbls of oil while there is an estimated 72mmbbls of propective resource in the West and East Sinapa Prospects that are able to be tied into a potential development at Sinapa