Oil and gas exploration and development company, FAR (ASX:FAR) has seen lower than expected results from drilling at its Samo-1 offshore well in The Gambia.
The Samo-1 well is the company’s first offshore well in fourty years, and gave a disappointing result for FAR with the main target horizons being water-bearing.
Despite that, oil shows were found at several levels, indicating access to an active hydrocarbon charge system. The well also came across an excellent reservoir, a key component for a successful trap.
The Government of Gambia granted a 6-month extension of the current lease, to June 2019, to allow for evaluation of the results.
Shares in FAR (ASX:FAR) are trading 37.7 per cent lower at $0.08.