Following the unsuccessful exploration well late last year on the deepwater Samo prospect, FAR has undertaken further evaluation, data integration and interpretation studies.
Results have confirmed that the blocks have access to an active hydrocarbon charge system, with high quality reservoir and seal facies.
Recent subsurface work has identified various promising potential drilling targets.
Offshore Western Australia, FAR has a 100% in the WA-458-P in the oil-producing Dampier sub-basin.
The company’s geotechnical assessment has revealed various structural and structural-stratigraphic leads and prospects characterizing four independent play types that have proven successful in nearby discoveries.
FAR expects to receive final processed data from a new seismic survey over the permit later this year, and after completing its evaluation, intends to farm down its interest in the permit.