FAR to side track Bambo well as costs rise
Drilling problems at Bambo-1, offshore The Gambia, will see costs rise by around $10 million, operator minnow FAR has warned.
Drilling problems at Bambo-1, offshore The Gambia, will see costs rise by around $10 million, operator minnow FAR has warned.
Australiaโs FAR has begun drilling the Bambo-1 exploration well, offshore The Gambia.
Australian minnow FAR has announced plans to return cash to shareholders, while still going ahead with drilling a well off The Gambia.
FAR has booked a Stena Drilling rig for an exploration well in The Gambia at the end of the year.
Australiaโs FAR Ltd has struck a deal to sell its Senegal interests to Indiaโs ONGC for $45 million plus some costs.
Australiaโs FAR did not exercise its right to pre-empt the sale of Cairn Energyโs stake in the Sangomar field, as the company works to find a buyer for its own interest.
Australiaโs FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegalโs upstream plans.
Australiaโs FAR has been unable to secure financing for its stake in the Sangomar field development and so has begun a process to sell all, or a part, of its stake in the Senegalese project.
Australiaโs FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegalโs Sangomar development harder.
Developing the SNE field will require capital expenditure of around $4.2 billion, a presentation by Australiaโs FAR has said, versus the previous projection of $3bn.