ASX Oil and Gas Stocks to Watch: (ASX: EGO), (ASX: FAR), (ASX: RFE)
FAR (ASX: FAR) Reports
FARM OUT SPEARHEADS OFFSHORE WELL IN EARLY 2014 SENEGAL
Empire Oil & Gas NL (ASX EGO) traded at 0.0140, unchanged on over 4.5 Million shares.
FAR Limited (ASX: FAR) closed at 0.0410 0.00(0.00%) on over 49 Million shares. The Company announced a farm in agreement for its three blocks offshore
Senegal in West Africa to Cairn Energy PLC (“Cairn”), a major listed oil and gas company. UK
Pursuant to the farm in agreement, which is subject to Senegalese Government approval, Cairn will operate and carry FAR through an exploration well expected to be drilled in early 2014.
Under the terms of the farm in agreement Cairn is to acquire a 65% working interest (WI) and
Operatorship by fully funding 100% of the costs of an exploration well and testing to an investment cap of US$80 million. As part of the farm in agreement, Cairn will pay FAR US$9.8 million for past costs incurred on the block. FAR will retain a 25% WI.
FAR’s three contiguous Senegalese blocks – Rufisque, Sangomar and Sangomar Deep – have
significant exploration potential. The blocks cover an area of approximately 7,490km2 within the
productive Mauritania‐Senegal‐Guinea‐Bissau Basin. From 2,050 km2 of modern 3D seismic data acquired in the blocks, FAR has identified a number of play types and has mapped 11 potentially drillable prospects as well as numerous other leads, many supported by associated seismic amplitude responses. In combination, the
blocks have prospective resources of 3.585 billion barrels of oil (unrisked best estimate, 100% basis). Senegal
After the carried well, exploration costs will be apportioned Cairn 72.2% (WI 65%) and FAR 27.8% (WI25%). Petrosen (the Senegal National Oil Company) will continue to hold a carried 10% WI through the exploration phase in accordance with the Production Sharing Contract.
In addition, FAR and Cairn will enter into an Area of Mutual Interest agreement (AMI) to work
together to evaluate and consider applying jointly for exploration opportunities offshore
Red Fork Energy Limited (ASX: RFE), (OTCQX: RDFEY), traded at $0.69, up 0.03 or 4.55% on over 1.2 Million shares. Red Fork Energy has a large landholding in
with leasehold and held by production acreage covering both proven producing oil and gas fields as well as highly prospective development acreage. Oklahoma
Australian Stock Exchange (ASX)
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