FAR Limited, an Australian oil and gas exploration and development company has updated their estimate of Gambia's oil prospects to an estimated 1.2 billion barrels of oil offshore Gambia for the combined oil blocks A2 and A5 where the company holds a 50% working interest as well as being the operator of the two licences.
The new estimate is based on data obtained in the failed spudding of a well (Samo -1) in November 2018 as well as FAR Gambia Ltd's completion of detailed geotechnical studies incorporating the Samo-1 well results and data, and an assessment of significant hydrocarbon resource potential in its two blocks offshore The Gambia, A2 and A5 according to the Company’s “Prospective Resource upgrade” contained in a media release on Thursday 24th October 2019.
The Blocks A2 and A5, covering 2,682km2 , are adjacent to and on trend with FAR’s world class SNE oil field. A2 and A5 are located within the rapidly emerging and prolific Mauritania-Senegal-Gambia-Bissau-Conakry (“MSGBC”) Basin in water depths ranging from 50 to 1,500 metres (Figure 1). "These prospect have access to the same prolific oil-prone system that charged the SNE oil field" according to the release.
Operations are underway to prepare for the drilling of a second well in 2020 the release added.
Earlier this month, FAR limited announced that it has acquired an additional 10 percent interest in the highly prospective offshore blocks A2 and A5 to increase their total stake to 50 percent as of 1st October 2019. Thursday's announcement signifies FAR Limited's hopes of a good return on investment in the Gambia oil blocks.