Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Aug 2022farm in farm out completion▲ GoodMajor
FAR bought PETRONAS's 50% of Gambia Blocks A2 and A5, taking it to 100%, and the government removed the obligation to drill a well in the next two-year term from 1 Oct 2022. FAR opened a data room seeking partners to fund work; new Bambo-1 lab results favour Panthera.
21 Feb 2022resource reserve update▲ GoodMajor
After reviewing the Bambo wells, FAR high-graded three Gambia prospects (Panthera, Jatto, Malo); the four mapped prospects total 1,594 MMbbl best-estimate unrisked (100% basis). FAR will seek a farm-down for a well carry in late 2023 and cut its 2022 budget about 40% to US$5.7M.
23 Dec 2021drilling result▼ BadMajor
Bambo-1 and its side-track (3,317m) found oil shows but no live oil columns and no moveable oil, in poor-quality reservoirs with possibly breached traps. FAR says the shows indicate nearby potential. The well is being plugged and abandoned, within the amended budget.
6 Dec 2021drilling progress report▼ BadMajor
Bambo-1 reached 3,216m with oil indications in cuttings and logs, but fluid losses halted drilling. FAR will plug and side-track, raising well cost from US$51.4M to US$61.27M (US$4.9M extra net to FAR). Forecast post-well cash is US$37M, with completion expected by end of December.
15 Nov 2021drilling spud● NeutralMajor
Bambo-1 has been spudded offshore The Gambia by the Stena IceMax, in 930m of water, targeting about 3,400m depth over roughly 30 days. It tests 1,118 MMbbl of unrisked prospective resource (559 net to FAR), with chance of success 7% to 36% per horizon.
16 June 2021drilling scheduled▲ GoodMajor
FAR signed a rig contract with Stena Drilling for Bambo-1 in The Gambia, with spud between 1 October and 30 November 2021. The well targets 1,118 MMbbl best-estimate prospective resources (559 net), with chances of success of 7% to 37%.
14 Feb 2020resource reserve update▼ BadMajor
The ICC tribunal ruled that the Senegal joint operating agreement gave FAR no pre-emption right over the 2016 sale of Woodside Energy Senegal BV (formerly ConocoPhillips Senegal BV), the holder of the 35% interest. FAR said it was analysing the lengthy award and evaluating its position.
20 Jan 2020resource reserve update▲ GoodMajor
FAR took FID on Sangomar Phase 1 and secured an underwritten US$300M senior loan (Macquarie, BNP Paribas, Glencore; 7 years, LIBOR+7.75%). It books 28MMbbl 2P net reserves (231MMbbl gross). Shareholders approved the placement. Junior debt still to be chosen.
30 Oct 2019resource reserve update▲ GoodMajor
FAR releases SNE development economics: net production 13,670 bbl/d, unlevered IRR above 30%. The FPSO is now purchased rather than leased, so more of the capex will likely be debt funded. Government approval and FID are now expected in December 2019, first oil late 2022.
24 Oct 2019resource reserve update▲ GoodMajor
After studying Samo-1 data, FAR assesses Gambian prospective resources at 1.2 billion barrels (best estimate, unrisked, gross), 621 million net to FAR. That is up from the 938mmbbl earlier figure, which had been 375 net. The Soloo, Bambo, Jobo and Malo prospects are still unproven; a 2020 well is planned.
1 Oct 2019farm in farm out completion▲ GoodMajor
New Gambian A2/A5 licences issued, lifting FAR to 50% (from 40%) and keeping it operator, with PETRONAS at 50%. This resolves the licence extension question. Terms: three-year initial period, one well within two years, 450km2 3D seismic, US$2.25M net signature bonus.
6 Aug 2019farm in farm out agreement▲ GoodMajor
CNOOC will take 55.55% of Svenska's Guinea-Bissau licences, converting to 50% on a commercial discovery. FAR keeps its 21.42%. Drilling of the Greater Atum prospect (471mmbbls best estimate, gross) is targeted Q1 2020; closing expected Q3 2019 subject to government approval.
24 Jan 2019drilling result▲ Good
The Davros Extension 3D seismic survey over FAR's 100%-owned WA-458-P permit finished in mid-January, as planned with CGG. Final processed data is expected in H2 2019; FAR then intends to farm down its interest and seek a drilling partner.
9 Nov 2018drilling result▼ BadMajor
Samo-1 reached 3,240m and found the main targets water-bearing, a dry hole against the 825mmbbl prospect. Oil shows suggest an active charge. The Gambian licence was extended six months to June 2019 to evaluate results and plan further drilling.
23 Oct 2018drilling spud● NeutralMajor
Samo-1 was spudded in about 1,000m of water, with a planned depth of about 3,100m, testing the 825mmbbl prospect. It is the first offshore Gambian well in 40 years; FAR is operator with 40% and said it would update the market at key milestones.
28 Aug 2018farm in farm out completion▲ GoodMajor
The Gambian government approved assigning 40% of Blocks A2/A5 to PETRONAS, resolving the pending approval from the February deal. FAR keeps 40% and operatorship and receives about A$19M cash; PETRONAS funds 80% of Samo-1 costs up to US$45M.
22 Aug 2018drilling scheduled● Neutral
FAR finalised the Samo-1 well location in about 1,017m of water, 112km offshore Gambia. Spud is planned for early Q4 2018, about 40 days to drill. Targets 825mmbbl best-estimate prospective resource; FAR holds 40% after the PETRONAS deal.
20 Mar 2018resource reserve update▲ GoodMajor
RISC-reviewed report puts the FAN discovery at 198mmbbl 2C contingent resource gross (27mmbbl net to FAR at 15%), and undrilled Senegal prospects at 673mmbbl. FID is now planned for 2019. A review of SNE is expected mid-year.
26 Feb 2018farm in farm out agreement▲ GoodMajor
FAR agreed to farm out 40% of Gambia Blocks A2/A5 to PETRONAS, keeping 40% and operatorship. PETRONAS funds 80% of Samo-1 well costs up to US$45M and pays about US$13.5M cash at completion. Subject to Gambian approval; well still targeted late 2018.
21 Nov 2017resource reserve update▲ GoodMajor
RISC audit supports 1.1 billion barrels of Gambia prospective resources (best estimate, gross, unrisked), 926mmbbl net to FAR. Samo prospect is 825mmbbl at 55% chance of success; Bambo 333mmbbl at 18%. Drilling planned late 2018.
7 Aug 2017drilling result▲ GoodMajor
SNE North-1 found hydrocarbons in at least three intervals, with over 24m gross column and over 16m net, 35° API oil, 15km north of SNE-1. Reached 2,837m, ahead of schedule and under budget. Commerciality is unassessed. Ends the 2017 campaign, 11 of 11 wells successful.
11 July 2017drilling result▲ GoodMajor
FAN South-1 reached 5,343m and discovered oil, with 31° API samples recovered from Lower Cretaceous reservoirs. Commerciality is unassessed and being integrated with FAN-1. Rig now moves to SNE North-1, targeting 294mmbbl at 60% chance of success.
3 July 2017farm in farm out completion▲ GoodMajor
The Gambian government approved FAR's acquisition of 80% and operatorship of Blocks A2 and A5 from ERIN. FAR pays US$5.18M upfront and funds up to US$8M of ERIN's share of a late-2018 well. Prospective resources exceed one billion barrels. Completes the March deal.
26 May 2017drilling spud● NeutralMajor
Drilling began on FAN South-1, the first pure exploration well offshore Senegal since the 2014 discoveries. It targets 134mmbbl of recoverable oil at an 18% chance of success, to an estimated depth of 5,317m.
26 Apr 2017drilling scheduled▲ GoodMajor
FAR announced FAN South-1, its first pure exploration well in Senegal since the 2014 FAN-1 and SNE-1 discoveries, to be drilled after SNE-6. Target is 134mmbbl best estimate with an 18% chance of success. SNE-6 has reached total depth, ahead of plan.
28 Mar 2017farm in farm out agreement▲ GoodMajor
FAR agreed to acquire an 80% interest and operatorship of Gambia Blocks A2 and A5 from ERIN Energy, adjacent to SNE. It pays US$5.18M upfront and funds up to US$8M of ERIN's share of a well planned late 2018. Subject to Gambian government approval.
27 Mar 2017drilling result▲ GoodMajor
VR-1 found a 97m gross oil column with the highest net pay and best lower-reservoir quality of any SNE well, making 8 of 8 successful wells. FAR expects a resource revision. The well is now being deepened toward the Aptian carbonate target.
23 Feb 2017drilling progress report● Neutral
SNE-5 reached total depth of 2,852m, wireline logging is complete, and drill stem testing of the primary reservoir has started. Operations are ahead of schedule. No flow results yet; they are due when testing finishes.
7 Feb 2017resource reserve update▲ GoodMajor
FAR raised its undrilled Senegal prospective resources to 1,563mmbbl gross (234mmbbl net to FAR), over 50% more than the last review, audited by RISC. The increase comes from new 3D seismic interpretation. It follows the earlier 'over 1bn bbl' figure and closes the open prospective resource update.
23 Jan 2017drilling spud▲ GoodMajor
SNE-5 began drilling on 21 January 2017, about 2km south-east of SNE-3. It is the first of two firm wells with the Stena DrillMAX, to be flow-tested for deliverability and connectivity of upper reservoirs. SNE-6 follows immediately.
