The Gambia's Samo-1 well disappoints

The JV in offshore Blocks A2/A5 has announced a disappointing result on the Samo-1 well. The JV, which comprises FAR Limited 40%, Petronas 40% and Erin Energy 20%, has hit water.

FAR Limited had prospective P50 resource estimates of 825mmbbl (gross unrisked) with a 55% geological chance of success. Wireline logs indicate that the target was water bearing. The Government of Gambia has now granted a six month extension to end of June 2019 to enable a thorough evaluation of the Samo-1 well result.

The blocks contain numerous other prospects including Saloo and Bambo for follow-up exploration. The findings from Samo-1 will guide next steps.

In the meantime, FAR Limited and its partners are continuing with the SNE development with development plans recently submitted to the Government of Senegal. FID for this 500+mmbbl development is targeting for end 2019 with first oil in 2022.

Related links:

• FAR goes further with another industry partner with Petronas
• FAR AMI with CNOOC in Senegal and The Gambia
• Senegal moves ahead