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Cairn-led joint venture spuds exploratory well offshore Senegal

17th April 2014

Drilling has commenced on a Cairn-led joint venture offshore exploration well, the FAN-1, offshore Senegal

Cairn-led joint venture spuds exploratory well offshore Senegal
FAN-1 is the first exploration well in a two well programme, offshore Senegal with the wells to be drilled back to back. The first well will be located on the North Fan prospect in 1,500m water depth

The well will test a stacked fan structure with the potential to contain approximately 900 million barrels of oil.

The well will be drilled using the fifth generation rig, the Cajun Express, which arrived on site Saturday 12 April.

FAN-1 is the first exploration well in a two well programme, offshore Senegal with the wells to be drilled back to back. The first well will be located on the North Fan prospect in 1,500m water depth. This well will be immediately followed by a second exploration well targeting a shelf edge prospect in 1,100m of water.

These will be the first deep water wells drilled in Senegalese waters and the first offshore wells to be drilled for over 20 years. The two exploration wells will test combined prospective resources of approximately 1.5 billion barrels of unrisked prospective resources.

Cath Norman, managing director of joint venture partner Far, commented: “We have high hopes for these two wells which have the potential to be company makers for FAR. The next year is going to be very exciting for our company with five potentially high-impact wells to be drilled in our West and East African exploration permits.”

Based on current well cost estimates, the carry funding and cash payments that FAR has or will receive under the farm out agreements are expected to be in excess of FAR’s share of the combined well costs for the two wells.

The joint venture breaks down as FAR Ltd holding a 15 per cent interest, Cairn Energy PLC holding 40 per cent, ConocoPhillips 35 per cent and Petrosen 10 per cent).

 

 

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