World class oil discovery offshore Senegal RIU Good Oil Conference 14 September 2016
About FAR Africa focussed oil exploration company Sixth largest E&P company listed on the ASX: Market cap 320M* Worlds largest oil discovery for 2014/15 in SNE Field offshore Senegal SNE field 2C contingent recoverable oil resource…
FAR in Senegal FAR celebrating 10 years in Senegal in 2016 OFFSHORE SENEGAL PSC FAR 16.7% paying interest, 15% beneficial interest Western most tip of Africa, capital Dakar, Operator: Cairn Energy PLC population 14 million Peaceful…
World hot spot for oil and gas discovery Status of offshore fields in mid 2014 No oil exploration drilling offshore Senegal for 40 years No deepwater drilling ever offshore Senegal 4
World hot spot for oil and gas discovery Mid 2016 update Basin opening FAN-1 and SNE-1 oil discoveries 2014 4 successful SNE appraisal wells drilled 2015/16 100% drilling success to date Cairn Energy (operator) NPV of US12.75/bbl…
Senegal geological setting W FAN-1 SNE-2 SNE-1 SNE-3 BEL-1 E Buried Hills play Shelf Edge play Fan play 0 10 km 6
FAN-1 Discovery W FAN-1 SNE-2 SNE-1 SNE-3 BEL-1 E Results announced Oct 2014 Oil gravity 28-41 degrees API Gross oil bearing interval 500m Operator gross oil (STOIIP) in place P90: 250 mmbbls P50: 950 mmbbls P10: 2,500 mmbbls…
SNE-1 Discovery W FAN-1 SNE-2 SNE-1 SNE-3 BEL-1 E SNE Field Result announced Nov 2014 Oil gravity 32 degrees API Gross oil column 96m FAR contingent resources P90 (1C): 348 mmbbls P50 (2C): 641 mmbbls 0 P10 (3C): 1128…
SNE appraisal program Objective of wells: Size of oil pool Test reservoir properties and deliverability from logging, coring and testing Measure field connectivity Drilling Oil Traps Flow tested zones 9
Deliverability of oil from SNE Main reservoirs flowed at commercially viable rates in the SNE-2 and SNE-3 wells 200mmbbls 350mmbbls 250mmbbls 400mmbbls 300mmbbls Flow test SNE-2 600mmbbls 11
Connectivity Two well program planned to commence November 2016 Drilling program objectives: Improving SNE project definition Confirm volumes, connectivity and productivity: Planned interference program between wells Evaluate…
Appraisal program to date Size of oil pool Test reservoir properties and deliverability Measure field connectivity Each well has confirmed: 100m gross oil column High quality 32 API oil Correlation of principal reservoir…
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…
Status of SNE development planning Development planning underway Currently in pre-FEED stage (concept select) * Classification Low cost environment Categorisation Source: Society of Petroleum Engineers, Petroleum Resource…
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…
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 November New JV and Djiffere seismic data products Decision to progress Djiffere option Upgrade to prospective resource inventory Project in Pre-FEED, building…
2016 revealing the prize 2013: Year of farmout 2014: Year of discovery 2015/2016: Evaluating the SNE Field 100% success rate to date offshore Senegal Statement on commerciality 21 months from discovery Undrilled exploration prospects with…
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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