Oil exploration firm FAR gains option for Djiffere block off the shore of Senegal

Independent gas and oil explorer FAR, Ltd. announced Sept. 24 it has entered into a farm in option agreement with a subsidiary of Trace Atlantic Oil, Ltd. for the Djiffere block offshore Senegal.

The Djiffere block is adjacent to FAR’s prospective Rufisque, Sangomar and Sangomar Deep (RSSD) blocks that contain significant SNE-1 and FAN-1 oil discoveries.
  
“This option agreement provides FAR with access to exciting new acreage offshore Senegal adjacent to our existing blocks and with increased exposure to the shelf trend prospectivity confirmed by the SNE discovery," FAR Managing Director Cath Norman said. "With a large 75 percent equity position in Djiffere, FAR is well positioned to build its acreage position in this highly prospective emerging petroleum province.”
  
FAR has identified multiple large prospects for drilling in its existing RSSD blocks along the shelf trend totalling 765 million barrels of prospective oil resources in a variety of structural play types including Buried Hill and Shelf Edge plays.
  
Under its agreements with Trace, FAR has the option to earn a 75 percent working interest in the Djiffere block by drilling an exploration well before July 31, 2018, subject to government approvals. The farm- in option can be exercised by FAR at any time before Oct. 31, 2016, by which time FAR expects to have completed the firm 3 well shelf drilling program in its RSSD blocks.