Senegal The Emergence of a Major New Hydrocarbon Province RIU Good Oil Conference 2017
Back in 2012 Are there elephants lurking under the deep waters of Senegal No Deepwater wells ever drilled 2
FAR snapshot Fifth largest E&P company listed on the ASX Basin opening FAN-1 and SNE-1 oil discoveries offshore Senegal in late 2014 First deepwater wells to be drilled offshore Senegal SNE ranked as worlds largest oil discovery in…
FAR Australian based, Africa focused 4
History of FAR in Senegal FAR farmed in for 30% equity in Hunt Late Cretaceous upper slope operated PSC in mid 2006 stacked fans Area under licence 15,000km2 Early Cretaceous carbonate shelf Unproven, deepwater play concepts…
History of FAR in Senegal Early 2012, FAR rebranded, acquires new management and technical team New ideas and play concepts developed including deeper basinal targets Lupalupa prospect developed in Albian above the Aptian…
Lupalupa Prospect: TWT Lupalupa Shallow channelling disguised the Lupalupa (SNE) structure in two way time 8
Lupalupa Prospect: PSDM Lupalupa Structure is evident on later processing (prestack depth migration). Amplitude conformance to structure. 9
FAR in Senegal OFFSHORE SENEGAL PSC FAR 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC Hunt Oil FAR Cairn Operator Operator Operator 10
FAN-1 Drilling 2014 FAN-1 Time vs Depth Curve 11
SNE North-1 Operations: 2017 The difference a state of the art rig and local knowledge can make. Spudded 17th July 2017 in 877m water Reached 2837mDRT T.D. 26th July 2017 9 days from spud to TD Well completed in 26 days at USD…
SNE Appraisal results All appraisal wells proved approximately 100m gross oil column MEFS passed: 2C resource 641 mmbbls Appraisal drilling completed SNE-5 & SNE-6 tested upper sands units (S480 and S460 reservoirs). Confirmed good…
Deliverability and connectivity of reservoirs DSTs conducted on SNE-2, SNE-3, SNE-5, SNE-6 Pressure gauges installed in SNE-3 and SNE-5 Lower reservoirs flowed at world class rates (SNE-2) Strong flow rates and successful…
Interference Testing SNE-6 SNE-5 S480 Successful interference test supports higher recovery factors for the field. This will be incorporated in future resource updates 19
Looking forward to development of SNE SNE is expected to be a staged development using a standalone FPSO, with expansion capability for satellite tie- backs Operator Numbers First oil anticipated in 2021-2023, with plateau gross…
Regional oil and gas discoveries (2013) 2013 No deep water drilling offshore Senegal 21
Regional oil and gas discoveries (2017) The basin opening FAN-1 and SNE-1 oil discoveries have made Senegal one of the worlds most attractive locations for exploration. Major gas discoveries have also recently been made north of FAR in…
2017 Exploration Drilling VR-1 drilled as appraisal well with a deeper exploration objective in Aptian carbonates. Oil shows but reservoir poorly developed FAN South-1 drilled as second exploration well in the basin. Recovered 31…
Sangomar Profond Block: Spica Prospect Single continuous oil and gas column Multiple oil and gas columns SNE SNE North Spica Prospect SNE North-1 24
Growing FARs portfolio: The Gambia Area identified by FAR as part of regional THE GAMBIA studies in 2013 & 2014 Farm-in to 80% interest with operator rights Erin Energy 20% partner Extended negotiations continued through 2016…
Extension of the SNE shelf edge trend On trend and adjacent to SNE field same play type Sama prospect defined on 3D seismic: Access to same, prolific source kitchen as SNE Same upper/400 series reservoirs as SNE Thickening of 400…
Blocks A2 and A5 prospectivity Sama prospect defined on 3D seismic approximately 500mmbbls recoverable* 1,504km2 3D seismic data acquired in 2015 Seismic reprocessing planned before drilling in 2018 *Gross, unrisked,…
Strategic Alliance Area of Mutual interest agreement with CNOOC Covering the designated area offshore Senegal and The Gambia CNOOC one of the largest independent oil and gas producers in the world Complementary skills enhance FAR…
Community & social programs Investing in education & training, enterprise & Renovated a primary school community development programs in the regional city of Thiess through our Senegal joint venture Sponsored regional soccer…
Moving forward in 2017 2013: Year of farmout 2014: Year of discovery 2015-2017: Appraisal of the SNE Field 2017-2018: Development planning and studies 2018-2021: Engineering, financing & construction 2021-23: First oil from Phase…
Conclusion The elephant is emerging 31
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