FAR has contracted Exceed’s wells management team in Aberdeen to assist with the planning and execution of the well.
The contract for the drillship was executed during the quarter and rig owner and operator, Stena, has advised the window for mobilisation of the Stena IceMax drillship to Gambia to be in the second half of October.
In early July, the bundled services contract with Schlumberger was executed for delivery of the drilling fluids and cement for drilling operations and rental of the wireline services and logging equipment for the well.
This equipment is all scheduled to be delivered to the drill ship or FAR’s base of operations at the Port of Dakar prior to spud in late October/early November. The exact date of spud will be dependent on mobilization of the drillship.
Other contracts for key services are in place, and long-lead materials and equipment have been ordered and drill pipe for the operation has been delivered to the Dakar shore base. In the forthcoming quarter, FAR expects to award contracts for helicopter services and marine support vessels that will transport crew and equipment to the drillship.
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.
The well is designed to drill into a series of vertically stacked targets with a combined estimated recoverable, prospective resource of 1,118 mmbbls and the chance of geological success for the various horizons ranges from 7% to 37%.
The targets are:
1. Bambo – A shallower reservoir not intersected during the Senegal campaign.
2. Soloo – The extension of the hydrocarbon-bearing reservoirs in the adjacent Sangomar Oil Field, Senegal.
3. Soloo Deep (S552 & S562) – two additional horizons, also not penetrated during the Senegal drilling
campaigns. Soloo Deep has a lower chance of success but higher potential volumes.
The approved budget for the Bambo-1 well is US$51M with US$6.5M expended to date. At 50% working interest, FAR’s share of the budgeted well cost is US$25.5M with US$22.25M yet to be spent. FAR’s share of the well cost will be funded from cash at hand.
Outside well preparations for the drilling of the Bambo-1 well, FAR is undertaking successful case planning in the event of discovery and continuing evaluation of the additional prospects in A2 and A5 (Jobo, Jatto and Marlo) as well as reviewing opportunities for additional acreage in a success case. Success in the Bambo-1 well will high grade these other prospects for drilling in the future.