Australian oil and gas explorer FAR has entered into a farm-in option agreement with a subsidiary of Trace Atlantic Oil for the Djiffere block offshore Senegal.
FAR has the option to earn a 75% working interest in the Djiffere block by drilling an exploration well before July 31, 2018.
The block is adjacent to FAR’s Rufisque, Sangomar and Sangomar Deep blocks that contain the SNE- 1 and FAN-1 oil discoveries.
The western part of the Djiffere block is located along geological trend with the shelf play types identified in the eastern part of FAR’s RSSD blocks.
The potential of this shelf trend has been proven by the world-class SNE-1 discovery, which was ranked as the largest oil discovery worldwide in 2014.
FAR has identified multiple large prospects for drilling in its existing RSSD blocks along the shelf trend totalling 765 million barrels of prospective oil resources.
Managing director Cath Norman said: “With a large 75% equity position in Djiffere, FAR is well positioned to build its acreage position in this highly prospective emerging petroleum province.”