Page 15 - AfrOil Week 49 2021

AfrOil NEWS IN BRIEF AfrOil

UPSTREAM until such time as FAR, as Operator of the Joint Korhaan-5 before the end of the year. Drilling on
Venture, makes formal ASX disclosures regard- Korhaan-3 is expected to be resumed in January
FAR provides update on ing well results. 2022 after the Christmas shutdown period.
Very heavy thunderstorms with consequent
FAR’s Managing Director Cath Norman said:
Bambo-1 well at Block A2 “FAR is pleased with the experienced drilling lightning, hail and rain has resulted in substan-
team and contractors who have acted to quickly tial delays to the Company’s operations. This
offshore The Gambia manage and adjust the Bambo-1 drilling pro- seasonal weather has been worse than nor-
gramme to suit the geological setting and best mal. Following HSE Policy, requirements are
FAR Ltd has advised that the Bambo-1 well has meet the objectives of the drilling programme. to down-mast the drilling rigs once lightning
drilled to 3,216 metres MDBRT (measured FAR is well placed to achieve these objectives approaches 20 km from site. This has proven to
depth below the rotary table) of a total planned through the side-tracked well and in particular be prudent given the high storm count which has
depth of 3,450 metres MDBRT. Oil indications drilling through the as yet undrilled Soloo Deep swept drilling sites.
have been detected in rock cuttings, and hydro- prospect. We are encouraged by the presence of Preliminary gas flow rates will be assessed
carbons have been interpreted across several oil in potential reservoirs and look forward to following the wireline logging and the barefoot
intervals in the well from LWD data (logging completing the well in the coming weeks.” completion of each well, and could be reassessed
whilst drilling). Further wireline logging needs FAR Ltd, December 6 2021 following the possible cased completion plan in
to be completed to confirm the finding. 2022.
Drilling operations were temporarily halted Kinetiko Energy provides The company has completed the aeromag-
at the current depth after significant fluid losses netic survey which flew approximately 13,479
were experienced. These fluid losses were stabi- update on exploration line-km covering 564 square km, over selected
lised in accordance with standard offshore oper- portions of ER 270 and ER 272 which form the
ating procedures, and FAR is now planning to drilling at Korhaan most Southern and Northern extensions of the
plug and sidetrack the well to continue drilling Company’s exploration rights.
to the planned total depth. Prior to side-tracking Kinetiko Energy, an Australian gas explorer Results from the completed survey have been
and provided hole conditions remain stable, FAR focused on advanced shallow conventional gas received and are anticipated to be processed dur-
is undertaking a wireline logging programme in and coal-bed methane (CBM) opportunities in ing December and January 2022 and expecta-
the current wellbore. rapidly developing markets in Southern Africa, tions are to build significantly on the existing 37
FAR estimates that the cost to complete the has provided an update on it’s exploration drill- identified prospective gassy compartments and
well will increase from a total of $51.4mn to ing on the Korhaan Project and completion of assist target further areas for well tests and pilot
$61.27mn, an increase of $9.87mn or $4.935mn aeromagnetic surveys. production fields.
net to FAR. FAR forecasts a cash balance of The three new wells of the Korhaan Pro- Kinetiko Energy, December 7 2021
$37mn after the completion of the well, inclusive ject have been successfully spudded, and each
of the increase in Bambo-1 well costs. The addi- well has been drilled into the dolerite sills
tion of the side-track programme has extended and Korhaan-4 has been cased to 150 metres INVESTMENT
the period of operations which is now expected and cementation operations are underway.
to be completed by the end of December 2021. Korhaan-4 well is expected to commence drill- Savannah Energy reports
The well has been designated a “tight hole” ing into the gassy sandstone and underlying coal
by FAR and JV partner Petronas and as such, seams to TD within the next few days, while well on proposed acquisitions
no information related to depth or formation is Korhaan-5 will start running casing imminently
likely to be provided during the drilling beyond and continue drilling the production section. in Chad and Cameroon
what is required to meet ASX continuous dis- The Korhaan-3 well is drilled to 102 metres
closure obligations. Market participants should and has been temporarily suspended in prefer- Savannah Energy, the African-focused Brit-
exercise care before transacting in FAR shares ence to an attempt to complete Korhaan-4 and ish independent energy company sustainably
developing high quality, high potential energy
projects in Nigeria and Niger, has provided the
following update.
The Company’s ordinary shares were sus-
pended from trading per the Company’s
announcement on June 2, 2021, as a result of the
requirement for the Company to announce it
was in advanced exclusive discussions with Exx-
onMobil with respect to the proposed acquisi-
tion of its entire upstream and midstream asset
portfolio in Chad and Cameroon.
The Company continues its final work in rela-
tion to the Proposed Acquisition and intends on
publishing an AIM Admission Document on
or around December 17, 2021, following which
point the Company would seek restoration to
trading on AIM of its ordinary shares.
Further updates will be provided as and when
appropriate.

Week 49 08•December•2021 www. NEWSBASE .com P15