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.