FAR Energy hooks a big catch

摘要

The Melbourne-based junior's profile was raised recently with the first offshore Senegal discovery in 20 years. Managing Director Cath Norman explains the significance of the discovery and where the company can go from here. The champagne corks were popping at FAR Ltd. as the Melbourne-based junior oil and gas explorer, in partnership with ConocoPhillips and Cairn Energy Ltd., toasted the first discovery offshore Senegal in 20 years. The Cairn Energy-led joint venture announced a 400 MMbbl oil find from the Cajun Express semisub-mersible as well as a potential upside of 800 MMbbl at the FAN-1 well. Within a month, it announced a second discovery at the nearby SNE-1 well, where similarly high-quality 32°API oil was recovered to surface. Praise may be premature considering that the proof of production is in flow-testing. However, preliminary estimates at SNE-1 range from 150 MMbbl to 670 MMbbl (with 15% net going to FAR), stimulating a similarly buoyant mood to the earlier success. Three years after taking the reins at FAR, a company hitherto treading water, Cath Norman had the satisfaction of seeing its stock soar more than 300% on the back of the Senegal discoveries. More importantly, the company's peers, and the industry at large, have stood and taken notice of a potential fairy tale in the making. Norman shared insights of the company with Hart Energy's Oil and Gas Investor Australia.