Explorers in Senegal Reveal Better-than-Expected Oil Flows

Explorers in Senegal Reveal Better-than-Expected Oil Flows
Offshore drilling rig, Gulf of Mexico

Melbourne-based junior explorer, FAR has conducted latest drilling tests offshore of Senegal and revealed better-than-expected results of oil flows from the SNE-2 well, drilled about 100km off the coast, according to WAToday.

The SNE-2 well flowed at 8,000b/d in a test, but could have flowed at more than 10,000b/d, had it not been constrained by the capacity of the equipment, FAR stated. A secondary zone also yielded better than expected results at about 1,000b/d. The Senegal offshore venture partners and analysts say that the well should be commercialized at long term oil prices.

FAR with a market cap of about $310m is partnered in Senegal by the US major, ConocoPhillips, the African specialist, Cairn, and the local Senegalese outfit, Petrosen.

FAR’s SNE-1 discovery in 2014 was the company’s largest find with estimated capacity of a minimum of 200m barrels of oil. Drilling finished a week earlier than scheduled, which meant the well should be at least $5m under budget for FAR and its partners, according to The Australian Business Review.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register