FAR to Drill Bambo-1 Offshore The Gambia, Return Cash to Shareholders

Oil platform on the ocean. Offshore drilling for gas and petroleum or crude oil. Industrial 3D illustration

Australian independent explorer FAR will move ahead with drilling offshore The Gambia by the end of October, amid plans to distribute excess cash back to its shareholders.

Located in shallow waters near the Senegalese border, the Bambo-1 well will test three prospects that hold an estimated 1.12 billion barrels of recoverable reserves. As the operator, FAR will contribute $25.5 million of the well’s $51-million budget.

Meanwhile, the Africa-focused exploration and development company recently announced that it would return cash to its shareholders to the tune of $59 million, which has been determined as surplus funds to its operational requirements.

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Source: EnergyCapitalReports

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