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Gambia: FAR drilling of Bambo-1 well on target for Q4

FAR Limited has locked in the timetable for drilling the Bambo-1 well offshore The Gambia by executing a contract with Stena Drillmax Ice Limited to commence drilling operations in Q4 of this year.

The Bambo-1 well in Block A2 offshore The Gambia, is designed to drill into 3 prospects
with a total estimated recoverable, prospective resource of 1,118 mmbbls
(arithmetic sum of the Best Estimates, 559 mmbbls net to FAR) and the chance of
geological success for the various horizons range from 7% to 37% (see Figures 1, 2, 3).

These target reservoirs are:

1. Soloo – The extension of the hydrocarbon-bearing reservoirs in the adjacent Sangomar Oil Field, offshore Senegal.
2. Bambo and Soloo Deep – two additional prospects, not drilled during the Senegal
drilling campaigns.

These two prospects carry a lower chance of success but higher volume of hydrocarbons.

The technical assessment of the Bambo Prospect has greatly
benefited from FAR’s extensive database and experience in the region and learnings from FAR’s involvement in the 11 successful wells in Senegal and the Samo-1 well drilled in 2018.

FAR is Operator with a 50% working interest in the A2 and A5 permits with its joint venture partner, PC Gambia Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS). If successful, a discovery could result in a standalone development which would be The Gambia’s first oil production.

The prospect volume estimates in this table have been calculated for each individual reservoir target using probabilistic methods. Each reservoir shown in Figure 2 below (Bambo, Soloo and Soloo Deep) has two separate targets. These volumes have then been summed arithmetically to give the totals for the Bambo-1 well.

Planning for the Bambo-1 drilling project is well advanced. The execution of the rig contract marks a significant milestone in the planning for the well with spud now confirmed for between 1 October and 30 November 2021, subject to rig schedule. Long-lead items have been ordered and tendering and contracting for remaining key services is underway. The Environmental and Social Impact Assessment (ESIA) for the project is approved by the National Environmental Agency of The Gambia. FAR has engaged Exceed Energy in Aberdeen to provide the engineering and wells management team to deliver this project.

The well is expected to take approx. 30 days to drill and planned to drill to a depth of 3266m in water depths of 993m, 85km offshore and 500m south of the Senegal-Gambia border.

Stena Drillmax Ice Limited is a subsidiary of Stena Drilling Ltd, the same drilling company that FAR Gambia Ltd (a wholly owned subsidiary of FAR Ltd) contracted for the previous drilling offshore The Gambia that was completed safely and under budget. The Stena IceMax is a 6th generation dual-activity dynamically positioned Mobile Offshore Drilling Unit (MODU) that is currently undertaking operations in Latin America before deploying to The Gambia.

Managing Director Cath Norman said:

‘We are pleased to be recommencing exploration drilling at FAR with this high impact well in The Gambia and the same drill team that drilled efficiently and safely for the Samo-1 well in 2018. The rig is planned to commence drilling in Q4 this year and the well will be the first well to be drilled in the Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry (MSGBC) Basin since the collapse of the market in the wake of the oil price crash and the COVID-19 pandemic and we look forward to getting back to basics at FAR and delivering value to our shareholders through successful exploration drilling.

A discovery of oil offshore The Gambia would be extremely significant for FAR shareholders and the people of The Gambia and help move Gambia out of ‘energy poverty’ and to transition from burning heavy fuel oil for power generation’.

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