Proactiveinvestors USA & Canada FAR Ltd Proactiveinvestors USA & Canada FAR Ltd RSS feed en Thu, 18 Jul 2019 16:33:57 -0400 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[Media files - FAR Ltd's Cath Norman calls US investors' response to its northwest Africa project 'terrific' ]]> Thu, 14 Mar 2019 11:27:00 -0400 <![CDATA[News - First Australian Resources looks to next step in oil quest, offshore Senegal ]]> Shell has advised First Australian Resources (ASX: FAR) of the completion of the Data Acquisition phase of the Control Source Electro Magnetic (CSEM) Data Acquisition and Geophysical Evaluation Programme over part of FAR's Licence Area in Offshore Blocks in Senegal, West Africa. 

A number of drilling prospects have already been identified by FAR and its partner Petrosen.

The CSEM phase was funded by Shell and conducted using the MV Boa Thalassa, the world's first purpose built EM survey vessel, launched in December 2008 and chartered by EMGS under a long-term contract. Typically, a potential reservoir is identified with seismic data, and CSEM can then be used to analyse its resistivity. The technique seeks to detect the potential resistivity contrast between oil or gas-saturated rocks, and those with significant water content.

The objective of the programme is designed to enable Shell to determine whether or not to exercise an option to acquire a 70 percent interest in the Licence Area and enter the second renewal period that includes a well commitment. Shell has extensive experience worldwide of this technique, and is one of the largest users of CSEM, having undertaken more than 120 surveys.

Shell has 90 days from the completion of the Data Acquisition phase to decide whether to exercise the Option. FAR has been advised by Shell that the Data Acquisition phase was completed on 28 May 2009.

Mon, 01 Jun 2009 12:41:00 -0400
<![CDATA[News - First Australian Resources completes sale of China interests ]]> First Australian Resources (ASX:FAR) has announced an agreement to sell its 5 percent interest in Beibu Gulf Block 22/12 has now completed and the first tranche payment of US$2million has been received.

The remaining tranches of the US$8million sale price are payable as follows:

1. US$3 million upon approval of an Oilfield Development Program (“ODP”) or if commercial development of the project proceeds
2. US$3 million once the project has produced 1 million barrels of oil (gross).

The sale involves the disposal of FAR’s wholly owned subsidiary Oil Australia Pty Ltd as this was the entity that holds the Beibu Gulf Interests.

The Company has recently reached in principle agreement to raise up to $3.5 million through the placement of up to 70 million shares at $0.05 per share.

First Australian Resources has also executed an Agreement with Shell Exploration Company B.V. (Shell) to conduct an exploration programme in respect of Sangomar Offshore, Rufisque Offshore and Sangomar deep Offshore Blocks in Senegal, West Africa.

Thu, 16 Apr 2009 15:08:00 -0400
<![CDATA[News - First Australian Resources increases interest in oil block in Senegal ]]> First Australian Resources (ASX:FAR) is pleased to announce that following meetings held in Dakar last week it has received formal approval from Petrosen (Senegal’s National Oil Company), to increase its working interest to 90 percent and assume Operatorship under the Contract for Exploration and Hydrocarbon Production Sharing covering the Rufisque and Sangomar and Sangomar Deep offshore blocks.

Following meetings with Petrosen, a meeting was also held with the Minister of Energy for the Republic of Senegal to confirm FAR’s appointment as Operator, its increased working interest and to provide an activity update since Ministerial approval of a one year extension to the First Renewal Period was granted.

FAR is pleased to advise that following the grant of the extension and as foreshadowed in earlier ASX releases it has received a third written offer from a major to participate in the exploration of these offshore blocks. Negotiations are continuing.

The increased interest in the blocks has placed FAR in a stronger negotiating position in the farmout process that was delayed by the need to obtain an extension. FAR is seeking to be free carried through the drilling of the first exploratory well.

Fri, 23 Jan 2009 00:00:00 -0500