Oil Offshore Gambia – Bambo 1 Well to be Drilled Between October 25th and November 7th

Drillship owner and operator Stena advises that the window for mobilisation of the Stena IceMax drillship to The Gambia is between October 25th and November 7th, 2021.

In early July, a bundled services contract with Schlumberger was executed to deliver the drilling fluids and cement for drilling operations and rent the wireline services and logging equipment for the well.

FAR expects to award contracts for helicopter services and marine support vessels to transport crew and equipment to the drillship this quarter.

The Environment and Social Impact Assessment (ESIA) has been approved, and a range of secondary level permits are in progress with the regulatory authorities of The Gambia.

FAR Ltd made considerable progress during the half-year ending June 30th, 2021, and is well-funded to advance operations to spud Bambo-1 exploration well in The Gambia during the December quarter of 2021.

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

Promisingly, following the sale of its Senegal interests, the company has no debt, with surplus cash that it has outlined to return to shareholders.

A contract for the drillship was executed during the June quarter. The rig owner and operator Stena has advised that the possibility of mobilisation of the Stena IceMax drillship to the Gambia is between October 25 and November 7th, 2021.

The approved budget for the Bambo-1 well is US$51.4 million, with US$9.5 million expended to July 31, 2021.

At 50% working interest, FAR’s share of the budgeted well cost is US$25.7 million, with US$20.95 million yet to be spent with the company’s share of the well cost to be funded from cash at hand.