Envoi seeks offshore Senegal drilling partner

Envoi Ltd. is seeking a drilling partner for First Australian Resources’ deepwater exploration license offshore Senegal.

Pennwell web 250 254

Offshore staff

ABERDEEN, UK – Envoi Ltd. is seeking a drilling partner for First Australian Resources’ deepwater exploration license offshore Senegal. The license area is undrilled and covers 7,490 sq km (2,892 sq mi) in the Mauritania-Senegal-Guinea Bissau basin.

FAR owns and operates the three blocks with a 90% working interest, while Petrosen, the Sengalese state oil company, retains a 10% interest which is carried through exploration.

Based on 3D seismic data and a CSEM survey, the area has an estimated recoverable reserve potential of 5 Bbbl.

07/07/2010

Pennwell web 250 254

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