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Thursday, June 25, 2020
FAR Gambia Ltd. has signed new Joint Operating Agreements (JOAs) in respect of the A2 and A5 Blocks in The Republic of The Gambia, with PC Gambia Ltd (a Petronas subsidiary). This follows the granting of new licenses for those Blocks by the Gambian government effective 1 October 2019, after which FAR and Petronas took the opportunity to update the terms of the existing JOAs by entering into new JOAs with effect from 1 October 2019.
FAR remains as Operator under the new JOAs which better reflect the terms of the new licenses.
Efforts to find an additional partner for the drilling of the next well in The Gambia are ongoing with FAR having run numerous data room presentations for interested parties. FAR is working to conclude a farm-out before the restart of the drilling operations.
Three social projects are currently nearing completion in The Gambia. The Gambian joint venture has upgraded the water distribution system for the Sangyang women’s garden and replaced/repaired electrical cabling for Jambanjelly lower basic school. In addition, the Gambian joint venture along with GNPC have commenced work on the Bansang hospital which includes roofing repairs and ward rehabilitation.
FAR has a 50% interest in Block A2 and Block A5 in The Gambia. Both are located to the south of FAR’s Sangomar Field development offshore Senegal. The blocks cover an area of approximately 2,682km2 within the rapidly emerging and prolific MSGBC (MauritaniaSenegal-Guinea-Bissau-Conakry) Basin and lie approximately 30kms offshore in water depths ranging from 50 to 1,200 meters. In combination, Blocks A2 and A5 have potential to contain prospective resources in excess of 1 billion barrels of oil (on an unrisked, best estimate, 100% basis).
Technical and commercial analysis supports drilling of the Bambo well to test the main target of S400 series sands (152 mmbbls, P50, gross), which FAR has mapped as the southern culmination of the Sangomar Field extending into The Gambia. The Bambo prospect has multiple reservoir targets, having two of the main reservoirs in S400 series sand being hydrocarbon-bearing in the Sangomar wells. Preparations are now underway for the commencement of drilling operations. Initial planning has further highlighted the opportunity to locate a single well to intersect both the main target, S400 series and a shallower, secondary target at the S390 sand (464 mmbbls, P50, gross).
The operational team that managed the Samo-1 well campaign was reassembled in Q4 2019 with significant progress being made however drilling activities have currently been suspended in the wake of COVID-19 and will recommence when it is safe to do so.
FAR Management said: “We are delighted to enter into new JOAs with Petronas in respect of the A2 and A5 Blocks, following the granting of the new Licenses last year. This is testament to an excellent partnership between FAR and Petronas. The new JOAs and licenses provide us with up-to-date agreements for our ongoing work on these Blocks, where we are highly encouraged to continue exploring in this proven and prospective basin.”
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