Near-term appraisal for FAR

FAR has announced that the partners of the SNE field have contracted the Stena DrillMax for a minimum two well programme starting in Q2 2017. The ship is currently in the Canary Islands and ready to be deployed with crew assembled.

The two firm wells, SNE-5 and SNE-6, will target the upper reservoir units and will include drill stem testing and likely an interference test between SNE-3 and SNE-5. The programme aims to firm up the resource base to help scope and refine the field development plan.

It is noted that the new rig has been contracted at a significant discount to the previous rig contract and a two well program could cost as little at USD50 million.

Separately, Woodside (35%) has settled its deal to acquire ConocoPhillips' interest in the SNE field as announced on 31^st October and was involved in the approval of this work programme.