First Australian Resources, Shell team to explore offshore Senegal

First Australian Resources (FAR) has executed an agreement with Shell Exploration Co. to conduct an exploration program in the Sangomar offshore, Rufisque offshore, and Sangomar deep offshore blocks in Senegal, West Africa.

Offshore staff

SUBIACO, Australia -- First Australian Resources (FAR) has executed an agreement with Shell Exploration Co. to conduct an exploration program in the Sangomar offshore, Rufisque offshore, and Sangomar deep offshore blocks in Senegal, West Africa.

Under the agreement, Shell will fund a CSEM data acquisition and geophysical evaluation program over part of the license area where a number of drilling prospects have already been identified by FAR and its partner Petrosen.

The CSEM acquisition phase is expected to begin in the second quarter, and will be followed by processing, interpretation, and integration of results. The objective of the program is designed to enable Shell to determine whether or not to exercise an option to acquire a 70% interest in the block and enter the second renewal period that includes a well commitment, the company says.

03/26/2009

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