FAR Wraps Up Kenya Seismic Survey

Australian listed petroleum exploration company, FAR Ltd  has completed the data acquisition of their anticipated 3D seismic survey over some of the world’s most keenly sought petroleum exploration acreage off the coast of Kenya.

FAR’s L6 permit off the Kenya coast lies in the Lamu Basin, north of recent, world scale, natural gas discoveries totaling around 100 trillion cubic feet off the coasts of Mozambique and Tanzania.

The acquisition phase of the survey commenced in mid-June 2012 and has been completed within the expected timeframe.

Preliminary review of the survey data indicates the processed products will be of very good quality. The acquired data will now be processed and interpreted, with results expected to be available early Q1 2013. The L6 permit is in the Lamu Basin, offshore Kenya. FAR operates the block with 60% equity with the remaining 40% being held by Pancontinental Oil & Gas. FAR also has a 30% interest in the L9 block.

The next well to be drilled in the basin will be the Mbawa prospect in Block L8 by Apache Corporation in August this year. Anadarko Petroleum Corporation has announced plans to drill the first of its wells before year end (Blocks L5, L7, L12, L11A, L11B) and BG is preparing to drill its first well offshore Kenya at the end of 2012 (Blocks L10A and L10B). FAR will be drilling their first well in mid 2013 on Block L6.

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Press Release, July 12, 2012