FAR Ltd (ASX:FAR) managing director Cath Norman speaks to Proactive Investors about the disappointing results of the Samo-1 well offshore The Gambia, explaining that the oil & gas explorer still has high hopes for the acreage and wider area.
"The results of the Samo well are going to give us a new data point in the basin that is going to help us better place the next well we drill. We have to keep reminding ourselves that we've got 5 billion barrels of oil in place just 20 kilometres north in the SNE Field, and it's highly unlikely that with such a prolific oil-generating source rock that we're only going to have one working trap. What's encouraging for us is that we did see some hydrocarbon shows in the well," says Norman.
Norman also outlines the financial arrangements between FAR Ltd and it's JV partners, saying "I think that any company would have paid $1 million to drill an 800 million barrel prospect; and in fact it's exactly what our shareholders want us to do - capture these types of opportunity and get paid to drill them."
FAR is looking to drill again elsewhere next year.