FAR Limited suspends drill and exploration of offshore wells in The Gambia due to Covid-19

31/03/2020

FAR Limited suspends drill and  exploration of offshore wells  in The Gambia due to Covid-19

To remove the risk to FAR personnel and contractors, and in recognition that the international supply of services is currently uncertain, FAR said it will be suspending the drilling plans.

The project is currently at an early stage and a good hold-point for reactivation after the suspension. Other work in the block will be optimized to suit the business requirements and all license obligations will continue. This program adjustment will be done in consultation with partner Petronas and the Government of The Gambia. FAR and its partners will continue to assess the situation on the ground to reactivate the drilling project when it is safe and sensible to do so.

Under the license, the well is not obliged to be drilled until 3Q 2021. FAR and other partners in the Sangomar project, operated by Woodside, are exploring how the costs for the project can be reduced and expenditure delayed due to the current coronavirus pandemic and the sudden fall of the oil price.