FAR Limited (ASX:FAR)
has revealed a significant oil discovery in the FAN-1 exploration well offshore Senegal in West Africa.
The Melbourne-based oil and gas explorer says the key pre-drill well objectives have been met with preliminary well results indicating significant resource volume.
FAR has also identified potential net oil bearing reservoirs in addition to those included in the preliminary analysis.
Managing Director Cath Norman says the discovery is an important event and could be transformational for the company with the potential to be a significant standalone development.
FAR now plans to work with the Government of Senegal and its joint venture partners to determine follow up appraisal and exploration drilling plans.
FAR reported a net loss of $4 million in the first half in the 2014 financial year.