Far Ltd
Far has announced the findings of the Independent Resources report compiled for them by RISC for the FAN discovery offshore Senegal. Key information has 2C contingent recoverable oil resources of 198 mmbbls with undrilled prospects having prospective resources of 673 mmbbls on a best estimate basis. The JV is progressing appraisal plans for the FAN South and SNE North oil discoveries with a further review due mid year. According to MD Cath Norman ‘There seems little doubt that there is huge potential to unlock more oil when these undrilled prospects are tested in the future’.
Although the Far share price has yet to respond I am yet further encouraged by this news and am sure that the addition of more hydrocarbons here will not only extend the size and life of the field but to improve yet further the long term economics of this ‘world class’ development. Shareholders should be very happy that Far has a strong cash position and as a result of the recent very impressive farm-out a very exciting well to drill in The Gambia towards the end of the year.
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