FAR said that an independent study of two of its blocks offshore Gambia found a potential for 1.1 billion bbl of oil. The company said a net 926 million bbl could be obtained in the A2 and A5 blocks in the Mauritania-Senegal-Guinea-Bissau Basin, in which it has an 80% interest. Preparatory operations are underway for drilling in late 2018. FAR signed a farm-in deal with Erin Energy for the blocks, under which it will fund up to $8 million of that company’s share of exploration costs. FAR itself is expected to spend $25 million to $30 million for exploration.
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