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Far funds Senegal offshore drills and prepares to spud second well

21st October 2014

Far Ltd has issued equity in order to fund its operations offshore Senegal following the FAN-1 oil discovery

Far funds Senegal offshore drills and prepares for second wildcat
The semi-submersible drilling unit Cajun Express used to drill the FAN-1 well has now mobilised to complete the second exploration well in the Senegalese drilling programme, SNE-1

Far has completed a placement to institutional and sophisticated investors to raise USD 46.7 million before expenses by issuing 424,961,685 shares.

The capital raising follows the significant oil discovery in FAN-1, offshore Senegal with its partners Cairn Energy, ConocoPhillips and Petrosen.

The semi-submersible drilling unit Cajun Express used to drill the FAN-1 well has now mobilised to complete the second exploration well in the Senegalese drilling programme, SNE-1.

“We won very strong support for this capital raising,” said Cath Norman, Far managing director.

“The discovery of oil in FAN-1 and an extended period of unscheduled maintenance have resulted in an increase to the forecast cost of the Senegal drilling program that exceeds our funding cap for both wells. The additional funds raised will now allow us to complete this very exciting drilling programme.

“The discovery of oil in FAN-1 has gone some way to increasing the chance of success in the SNE-1 well so we eagerly await the results from this next well and hope to repeat the success of FAN-1. FAR also looks forward to advancing our other exploration ventures in Kenya, Guinea Bissau and Australia and embarking on new ventures.”

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