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GUINEA BISSAU: Sinapa (Block 2) & Esperança (Blocks 4A and 5A) licences Extended for 3 years

The Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licences in Guinea-Bissau have been extended for 3 years and are valid until 2 October 2023 during which time there is an obligation on the Joint Venture to drill a exploration well.

FAR is working with the operator, PetroNor, to finalize the 2022 work program and budget for approval and finalization. The company says it remains open to farming down it’s interest prior to drilling a well.

PetroNor and FAR are undertaking a full review of a potential well location for the 2023 program with the Atum Prospect the key drill target (mapped to contain Best Estimate Prospective Resource of 471 mmbbls, gross, unrisked, 101 mmbbls net to FAR*)

The Operator is also undertaking a review of the commerciality of the Sinapa discovery in the offshore shallow water. Sinapa contains 13.4 mmbbls of oil with 2.9 mmbbls net to FAR in 2C contingent resources. In addition, there is an estimated 72mmbbls of propective resource in the West and East
Sinapa Prospects that are able to be tied into a potential development at Sinapa (Best Estimate, unrisked, 15.4 mmbbls net to FAR*).

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