• Independent Resources Report completed by RISC for FAR’s FAN oil discovery and undrilled exploration prospects, offshore Senegal
• 2C Contingent recoverable oil resource of 198mmbbls in the FAN discovery
• Undrilled prospects in total have prospective resources of 673mmbbls oil (best estimate)
• Joint venture intends to progress appraisal plans for the FAN South and SNE north oil discoveries
• A review of the SNE oil field is expected mid-year

FAR has completed detailed geotechnical studies and reviewed the contingent resources attributed to the FAN discovery and prospective hydrocarbon resource potential in its Rufisque, Sangomar and Sangomar Deep (RSSD) Permits, offshore Senegal.

The RSSD blocks cover an area of approximately 7,500kms² and are home to the giant SNE oil field, discovered in 2014 by FAR and its partners in a two-well exploration drilling campaign offshore Senegal. The discovery of the SNE oil field and oil in the FAN-1 well (that was drilled into the deepwater FAN prospect) were the first wells to be drilled in the deepwater offshore Senegal and opened up what is now a global hotspot for oil and gas exploration.

FAR and its joint venture partners have completed the appraisal drilling over the SNE oil field in the 2016 and 2017 drilling campaigns and the field is currently progressing towards Final Investment Decision (“FID”) in 2019 following the approval of the exploitation plan by the Government of Senegal which is expected by the end of 2018.

The SNE field development will be phased and it is anticipated that nearby discoveries that are within tie-back distance of the SNE field, will be developed in later phases. The focus of the joint venture has to date been to mature a commercial development of the SNE field before finalising assessment of these tie back opportunities.

The FAN discovery well results has been evaluated by FAR and an Independent Resources Report for discovery has been completed by RISC Operations Pty Ltd (“RISC”).

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