The government of the Republic of The Gambia has approved the transfer to FAR of an 80% operated interest in offshore blocks A2 and A5 currently held by Erin Energy.
Under the farm-in terms, FAR must fund Erin up to $8 million through an exploration well that will likely be drilled in late 2018.
Blocks A2 and A5 are adjacent to and on trend with the SNE oil field discovery offshore Senegal to the north. They cover an area of around 2,682 sq km (1,035 sq mi) within the Mauritania-Senegal-Guinea-Bissau basin and are 30 km (19 mi) offshore in water depths ranging from 50-1,200 m (164-3,937 ft).
FAR estimates prospective resources across the blocks at more than 1 Bbbl of oil.
Based on 1,504 sq km (580 sq mi) of modern 3D seismic acquired over the blocks, the company has identified large prospects similar to the “shelf edge” plays it has targeted off Senegal, with three potentially drillable prospects and leads.
FAR and Erin plan 3D seismic reprocessing and interpretation ahead of maturing prospects for drilling next year.