Australian Oil company, FAR Limited has begun the drilling of the highly prospective Bambo-1 exploration well offshore The Gambia. The Stena IceMax drillship arrived at the block A2 licence site on Friday, November 12th and the drilling kicked off in earnest over the weekend.
According to FAR Ltd, the well will be run as a tight well which is about 85km offshore is in 930m of water with a depth of about 3,400m.
The drilling is expected to take 30 days with the announcement of drilling results expected in the second week of December.
So, what are the chances of success for Bambo-1 well?
It must be emphasized that discovery of oil is followed by a drilling event, so the Bambo-1 well aims to target several vertically stacked reservoirs with a combined estimated recoverable, prospective resource of 1.12 billion barrels of which 559 million barrels are net to FAR who partnered with Petronas of Malaysia to finance the drilling of Bambo-1 well at a cost of $51 million.
FAR Limited has estimated the geological success of Bambo-1 from 7% to 36% in six targets.
Reacting to the latest development, FAR Ltd.’s Managing Director, Kath Norman said her company is optimistic about the Bambo-1 drilling as it present a great opportunity for FAR, their partners and the Gambian people if as expected, Bambo-1 produces over a billion barrels of oil offshore The Gambia.