The drilling of well to a depth of 3240m is done at the Gambia site. Also, wireline logging is about to complete. The operation on well has been conducted safely and efficiently, within budget and is operating much before time. The wireline logging done so far indicates that its main target horizon is water-bearing. At several levels the oil shows were encountered. This indicates that these regions have access to an active hydrocarbon charge system. The operations on well also come across excellent reservoir and seal facies. This indicates that these areas have all the main components for a successful trap. In the duration of 40 years, this is the first offshore well. As per the data collected from the Samo-1, it is very critical to identify the hydrocarbon potential in that region. It is planned to plough and abandon the well to further exploring it. An extension of six months in granted by the Government of Gambia to the current license till the end of June 2019. This extension is granted in order to evaluate the results of the Samo-1 well.
The managing director of the company Cath Norman FAR, stated that the expectation of the pre-drill, the results from the Samo-1 well is not up to the mark. However, it is providing information about the abundance of new subsurface. This information also helped to identify the geological play along the shelf edge as well as those regions that remained underexplored in total. A team from the FAR Limited (ASX: FAR) was able to identify a set of prospects and leads in the A2 and A5 permits. The data which will be gathered from Samo-1 will be used to further mature and reduce the risks associated with the future drilling. The drilling of the first well offshore Gambia for 40 years is a source of attention. The managing director of the company is please to receive an extension of 6 months to the license. This will enable the formulation of the joint venture and their move on plans to drill next year. He also expresses his gratitude to the drilling operations team in a safe manner and deliver their first well efficiently.
The performance of the company remained positive throughout its journey. Since its inception the performance of the company is 273.57%. The 1 year, 5 years and 10 years performance of the company is 68.83%, 234.64% and 311.64% respectively. For the half year period ended 30 June 2018, the company made a net loss of A$6,683,724. The total asset of the company is A$171,473,803 and the total liabilities of A$6,291,337. This indicates that the company has potential to meets its long term obligations. The total current asset of the company is A$31,346,987 and total current liabilities of the company is A$6,165,219. This indicates that the company has the potential to meet its working capital as well as the short term obligations. The total shareholders equity is worth A$165,182,466. The cash and cash equivalent at the end of the period was A$28,886,653.
The share price of the company is A$0.082 which has gone down 36.923%. The market capitalization of the company is A$710 million.
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