- FAR has undertaken a detailed geotechnical evaluation for its 3 offshore blocks in Guinea-Bissau and completed an assessment of hydrocarbon resources.
- Contingent Resources for East Sinapa oil discovery confirmed of 13.4 million barrels (unrisked 2C, 100% basis) and 2.0 million net to FAR.
- Total Prospective Resources for the 3 blocks assessed at 954* million barrels of oil (unrisked Best Estimate, 100% basis) and 143* million net to FAR.
- The large West Sinapa prospect is scheduled to be drilled in late 2014.
- Shallow water depths and strong evidence of functioning hydrocarbon system (with 2 existing discoveries) provide for a low cost environment with moderate exploration risk.

FAR has completed detailed geotechnical studies and assessed significant hydrocarbon resource potential in its Guinea Bissau 3 blocks offshore, Sinapa Block 2 and Esperanca Blocks 4A/5A in West Africa. (FAR: 21.43% paying interest, 15% participating interest). FAR’s hydrocarbon resources assessment is unaudited.
The existing East Sinapa oil discovery is estimated to contain Contingent Resources of 13.4 million barrels of oil (unrisked, 2C, 100% basis), with 2.0* net to FAR. East Sinapa is also estimated to contain Prospective Resources of 7.5 million barrels of oil (unrisked, Best Estimate, 100% basis) with 1.1* million net to FAR. The Sinapa-2 discovery well drilled by Premier in 2004 encountered 124 metres of gross oil column with further oil encountered updip by a side track well.

The West Sinapa prospect which is expected to be drilled by the joint venture in late 2014 is estimated to contain Prospective Resources of 64.7* million barrels of oil (unrisked, Best Estimate, 100% basis) with 9.7* million net to FAR. The prospect is assessed to have significant upside with 251.7 million barrels of oil (unrisked, High Estimate, 100% basis) and 37.8 million barrels net to FAR.

A further 14 prospects and leads have been identified in the permits. The total combined Prospective Resources for the 3 blocks are estimated to contain 954* million barrels of oil (unrisked, Best Estimates, 100% basis) with 143* million net to FAR. An immediate follow up well is planned in 2014 in the event of success on the West Sinapa well.

FAR’s Managing Director:

“FAR’s hydrocarbon resource assessment confirms the billion barrel oil potential of FAR’s offshore Guinea Bissau permits. The two existing discoveries in the permits provide clear evidence of a functioning hydrocarbon system thus the chance of exploration success in our first well in the permits, planned for late 2014, is relatively high. With the permits being located in benign shallow waters, the costs of exploration and development are commercially attractive. Our Guinea-Bissau permits are an emerging strong component of our diversified African exploration portfolio and have the potential to add significant value for our shareholders.”

About FAR

FAR (ASX: FAR) is an independent oil and gas explorer with high impact assets in East and West Africa. FAR holds a significant acreage position in the emerging exploration hot spots of East and West Africa transform margins. FAR has identified a sizeable prospect and lead portfolio in its acreage that is estimated to contain prospective resources of over 7 billion barrels of oil on a gross un-risked best estimate basis.
FAR recently signed two farm in deals with ConocoPhillips and Cairn Energy a leading UK independent to secure its share of funding for 2 high impact offshore exploration wells in Senegal to be drilled in early 2014.
Recent takeover activity, drilling and major gas discoveries close to FAR’s Kenyan acreage have heightened interest in the region generally and in FAR’s acreage position specifically. Exploration activity is ramping up in the Kenya offshore arena with 6 high impact wells expected to be drilled in the next 12 months.