The Chronicle Gambia

FAR Gambia Bambo-1 Well Drilled Second Half of October

FAR continues with operations in preparation for drilling the Bambo-1 well offshore The Gambia, scheduled for commencement at the end of October.

A rig contract has been executed with mobilization of the Stena IceMax drillship expected in the second half of October.

The well is estimated to take 30 days, with real-time logging of the well to take place in Melbourne via a high-speed link, while the well management will be conducted by FAR/ Exceed in Aberdeen.

This well is part of the 2021 work program for the A2 and A5 licenses held in the offshore Gambia, where FAR is the operator and has a 50% working interest while Petronas has the remaining 50%.

The Bambo-1 well is designed to drill three prospects with a total estimated recoverable prospective resource of 1,118 mmbbls (arithmetic sum of Best Estimate prospective resource, 559 mmbbls net to FAR, unrisked) and the chance of geological success for the various horizons range from 7% to 37%.

The approved budget for the well is US$51 million, of which FAR’s share is US$25.5 million, with US$6.5 million expended to date.

FAR’s share will be funded from cash at hand.

Soloo Prospect is an extension of discovered hydrocarbons in the Sangomar Field while the Bambo Prospect is a large exploration prospect which overlies Soloo.

The planned well will be targeting a combined best estimate of 1.1 billion bbls oil.

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