PERTH (miningweekly.com) – Africa-focused oil and gas explorer Far has announced a second oil discovery offshore Senegal.
The well is located at a depth of 1 100 m, is around 100 km offshore, and has a targeted total depth of around 3 000 m.
Initial analysis of the well indicated a preliminary proven resource of 150-million barrels of oil, a probable reserve of 330-million barrels of oil and a possible reserve of 670-million barrels of oil.
“This is another very significant oil find for Far and Senegal. Based on preliminary estimates, it is highly likely to be a commercial discovery,” said MD Cath Norman.
Norman added that the well discovery was a company-making event for Far, following the company’s earlier oil discovery, and had the potential to lead to a large standalone development, making it an important step forward in establishing a new petroleum province, which could be transformational for Senegal.
The company would now analyse results from both drilling wells to decide optimal follow-up drilling locations to determine the extent of discovered accumulations and to evaluate the wider potential identified within the joint venture’s Senegal blocks.
The additional activity would start in 2015.
Far holds a 15% working interest in the Senegal blocks, with partners Cairn Energy, ConocoPhillips and Petrosen holding 40%, 35% and 10% respectively.