World class oil discovery offshore Senegal 23rd Africa Oil Week 3 November 2016
About FAR Africa focussed oil exploration company Sixth largest E&P company listed on the ASX: Market cap 335M* SNE Field offshore Senegal Worlds largest oil discovery for 2014/5 SNE field 2C contingent recoverable oil resource 641…
FAR in Senegal FAR celebrating 10 years in Senegal in 2016 OFFSHORE SENEGAL PSC FAR 16.7% paying interest, 15% beneficial interest Senegal is a peaceful democracy with a stable Operator: Cairn Energy PLC outlook (S&P sovereign credit…
Hot global E&P geographies SNE-3 flow test Source: RBC Capital Markets 5
No production or activity offshore Senegal Status in mid-2014 No offshore production No oil exploration drilling offshore Senegal for 40 years No deep water drilling ever offshore Senegal 6
FAN-1 and SNE-1 opened up Senegal State of discoveries 2 years later Basin opening FAN-1 and SNE-1 oil discoveries 2014 4 successful SNE appraisal wells drilled 2015/6 100% drilling success to date Cairn Energy (operator) NPV of…
Senegal geology and discovery wells Gross oil-bearing interval of 500m No water-bearing sands intersected Shelf Edge play Fan play *Reference FAR ASX releases dated 13 Apr 2015 and 23 August 2016, best estimate, gross…
Senegal geology and discovery wells Gross oil-bearing interval of 500m FAN-1 oil discovery (Oct 2014) No water-bearing sands intersected Oil gravity 28-41 degrees API Gross oil bearing interval 500m Operator gross oil STOIIP (in…
Senegal geology and discovery wells SNE-1 oil discovery (Nov 2014) Oil gravity 32 degrees API Gross oil-bearing interval Gross oilofcolumn 500m96m No water-bearing sands intersected FAR gross contingent resource* P90 (1C): 348…
SNE 2015/16 appraisal wells Objective of wells and progress to date: Size of oil pool Test reservoir properties and deliverability from logging, coring and testing Measure field connectivity SNE field seismic cross section SNE-4…
Deliverability of oil from SNE Main reservoirs flowed at commercially viable rates SNE-2 lower and upper reservoirs units Gross 12m: 8,000 bopd through 3/4 choke (stabilised constrained flow) SNE-2 flow test Gross 15m: 1,000 bopd…
Connectivity of reservoir units Two well program planned to commence Q1 2017 Drilling program objectives: Improving SNE project definition Confirm volumes, 9km connectivity and productivity: Planned interference program between…
Appraisal results 2015/16 SNE appraisal program completed safely, efficiently and under budget Each well has confirmed: 100m gross oil column High quality 32 API oil Correlation of principle reservoir units Future activity Measure…
Status of SNE development planning Development planning underway Currently in pre-FEED stage (concept select)* Low cost environment Classification Categorisation Source: Society of Petroleum Engineers, Petroleum Resource…
Exploration & production value curve SNE SNE-3 flow test Source: RBC Capital Markets 17
SNE development and tie back concept Standalone FPSO: expansion capability for tie-backs Plateau production: rate expected to be 140,000 bopd Development expenditure: US12- US15/bbl* (previous US17-US26/bbl) Operating…
Operator economic development scenario SNE stand alone development (based on Cairn 2C 473 mmbbls) US12.50/bbl Prior Cairn Energy Source: Cairn Energy estimates (refer Cairn Energy Half Yearly Result 16/08/2016 and Cairn…
SNE story so FAR 21 months from discovery to statement of commerciality OCT 2014 NOV 2014 DEC 2014 NOV 2015 JAN 2016 JAN 2016 Spud SNE-1 Discovery Contingent Spud SNE-2 SNE-2 DST Spud SNE-3 at SNE-1 resource World class announced…
Scratching the surface of the prospectivity Undrilled exploration prospects with 1bn bbls (unrisked) potential FAR option over 75% of Djiffere block New joint venture 2015 3D seismic shot along trend from SNE Preliminary…
Social responsibility FAR and its partners are supporting activities that deliver positive, lasting social and economic benefits to Senegal: English language training for the energy sector The Hunger Project support for a microfinance…
Whats next in Senegal Two firm well program to commence early 2017 New JV and Djiffere seismic data products Decision to progress Djiffere option Upgrade to prospective resource inventory SNE Project in Pre-FEED, preparing…
2016 revealing the prize 2013: Year of farm-out 2014: Year of discovery 2015/2016: Evaluating the SNE Field 100% success rate to date offshore Senegal FAR statement on commerciality 21 months from discovery Undrilled exploration prospects…
Contact us Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 infofar.com.au far.com.au Connect with FAR Limited:
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