Shares in FAR Limited (ASX:FAR) climbed yesterday after reporting its second significant oil discovery offshore Senegal in West Africa.
The Melbourne-based oil and gas explorer says the discovery has been made in the SNE-1 well and is a company making event.
Managing Director Cath Norman says this is another very significant oil find for FAR and likely to be a commercial discovery.
Ms Norman believes the discovery has potential to lead to a large stand-alone development and could be transformational for Senegal.
The latest discovery comes after FAR revealed a significant oil discovery in the FAN-1 exploration well offshore Senegal last month.
Shares in FAR have soared more than 260 per cent in the past three months and climbed 36.36 per cent yesterday to close at $0.135 following the announcement.
FAR reported a net loss of $4 million in the first half in the 2014 financial year.
