SNE partners progress to FEED for Phase 1 of the development

The SNE JV offshore Senegal (Cairn 40%, Woodside 35%, FAR 15%, Petrosen 10%) has entered FEED for Phase 1 of the SNE development. The engineering contract has been awarded to the Subsea Integration Alliance (OneSubsea, Schlumberger and Subsea 7).

First oil is being targeted for 2022 with an initial production rate of c.100mbopd. The exploitation plan had previously identified a total development of 500mmbbl of oil over a multi-phase development with the Phase 1 FEED targeting 230mmbbl from the base, thicker sand package.

Woodside noted that the Senegalese Minister of Petroleum and Energies has approved Woodside’s transition to operator of the RSSD JV (Rufisque, Sangomar and Sangomar Deep) and the SNE development. Separately, FAR continues its commercial arbitration around the initial deal between Conoco and Woodside.

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Sangomar Deep - Senegal's first offshore discovery

• On 7 October 2014, Cairn Energy and its partners announced that a significant oil discovery had been made in the FAN-1 exploration well in the Sangomar Deep block, Senegal's first offshore discovery
• 29m net pay
• Gross oil interval of >500m
• No OWC encountered
• Distinct oil types recovered 28-41 API
• This was followed by a second discovery in the SNE-1 well, announced on 10 November 2014
• 36m net pay
• Gross oil interval of 95m with gas cap
• Oil of 32 API, oil and water recovered to surface
• 1C: 150mmbbl, 2C:330mmbbl, 3C: 670mmbbl
• Block is operated by Cairn (40%) - other partners are COP (35%), Far (15%), Petrosen (10%)
• SNE-1 is potentially commercial on a standalone basis; FAN-1 economics more marginal - may be tied back to SNE-1 or warrant a stand-alone development, will need further delineation

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