A world class oil story Senegal project update 08 March 2017
About FAR NW Africa focussed oil exploration company Sixth largest E&P company listed on the ASX: Market cap 360M* SNE Field offshore Senegal Worlds largest oil discovery for 2014 SNE field 2C contingent recoverable oil resource…
FAR in Senegal FAR has been in Senegal since 2006 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 rating…
FAN-1 and SNE-1 opened up Senegal Basin opening FAN-1 and SNE-1 oil discoveries 2014 5 successful SNE appraisal wells drilled to date 100% drilling success to date Cairn Energy (operator) NPV of US12.5/bbl at project FID (2018/19)…
SNE Field geological setting and discovery well SNE-1 oil discovery (Nov 2014) Oil gravity 32 degrees API Gross oil column 96m * Gross FAR gross contingent oil-bearing resource interval of 500m P90 (1C): 348 No water-bearing…
SNE Field appraisal program Four appraisal wells drilled in the 2015/16 campaign (SNE-2, SNE-3, BEL- 1, SNE-4) BEL-1 SNE-2 SNE-1 SNE-3 SNE-5 SNE-4 Three wells planned for 2017 campaign (SNE-5, VR-1, SNE-6) Currently mobilizing…
Appraisal results to date Drilling programs have been completed safely, efficiently and under budget Summary of appraisal accomplishments: 100m gross oil column across field High quality 32 API oil Correlation of reservoir units…
Deliverability of oil from SNE Main reservoirs flowed at commercially viable rates SNE-2 lower and upper reservoirs units Gross 12m lower sands: 8,000 bopd through 3/4 choke (stabilised constrained flow) SNE-2 flow test Gross 15m…
VR-1 well Drilling to commence on completion of operations at SNE-5 VR-1 to be logged but no DST VR-1 well has two objectives: Appraise the upper and lower sands in the west of the field Seismic reprocessing indicates potential…
SNE-6 well Plan to drill following VR-1 well SNE-6 to be flow tested and used as a pulse well for the interference test across the field (SNE-3 and SNE-5 to be used as listening wells) Final location for SNE-6 to be decided after…
Efficient drilling, costs coming down Currently using the Stena DrillMAX a 6th generation, dual mast, dual BOP drill ship SNE-5 well drilled 21 days ahead of plan Expect similar performance on VR-1 and SNE-6 wells Incremental…
Large potential upside in the RSSD acreage 500m of oil intersected in the FAN-1 well prolific, oil source rock New 2015 3D seismic shot along shelf edge trend from SNE Extensive portfolio of exploration prospects with 1bn bbls…
Upper sands important for undrilled prospects SNE-5 well tested 2 upper sands units (S480 and S460 reservoirs) SNE Field at S460 reservoir level S460 was previously untested upper sand unit and showing Sirius and Spica Prospects…
SNE development and tie back concept Standalone FPSO: planned expansion capability for tie-backs CAPEX: US12- US15/bbl* OPEX: < US10/bbl* Breakeven oil price: US35/bbl* NPV/bbl : US12.50/bbl* (at FID, Image being updated US70/bbl…
FAR resource value creation Number of barrels of oil attributable to FAR per share has grown Barrels/thousand shares FAR has grown its SNE net 2C contingent resource per share by 2.5x from its pre-drill P50 prospective resource…
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…
Next 12 months in Senegal Finalise results from SNE-5 Drilling VR-1 appraisal and exploration well Conduct interference test by pulsing from SNE-6 Drilling VR-1 followed by SNE-6 expected to be completed by mid year JV to agree…
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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