MELBOURNE, Australia – FAR has received notice of an extension to the WA-458-P permit offshore Western Australia from the National Offshore Petroleum Titles Administrator (NOPTA).
As a result, permit years 2, 3, and 4 will end on July 6, 2019. During this period FAR will complete a 3D seismic survey over the concession which was delayed due to environmental permitting restrictions.
It has reached agreement withCGG on completion of the 242 sq km (93 sq mi) of 3D seismic, and acquisition should resume during 1Q 2018.
If FAR then opts to progress to permit years 5 and 6 (ending on July 6, 2021), it will be obliged to drill one exploration well.
Recently FAR transferred 80% of its interest in the A2/A5 blocks offshore The Gambia toErin Energy, with an exploration well likely to be drilled late in 2018. Both blocks are adjacent to and on trend with the SNE oil field discovery off Senegal, in which FAR is a partner.
To date the company has mapped three potentially drillable prospects and leads, the largest being the Sama prospect contiguous with the SNE field.
In addition, FAR is reprocessing existing 3D seismic over the two concessions to integrate with the neighboring Senegal 3D seismic database, one aim being to improve understanding of the continuity of the shelf edge play across the border.