Far Ltd has announced that the 2C oil contingent resources estimates for the SNE oil field have been increased by 14% to 641 Mmbbls.

This is in line with a new, updated Independent Resources Report on the SNE oil field completed by RISC after the successful drilling of two extra appraisal wells, the BEL-1 and SNE-4. 

The SNE contingent resources in RISC’s Independent Resources Report signify a material increase to the initial estimates reported by Far in late 2014.

The project is operated by Cairn with 40% stake alongside ConocoPhillips, FAR and Petrosen with 35%, 15% and 10% interests respectively.

In early January, Far announced the successful results from SNE-2, the first well in the appraisal program. The second SNE appraisal well (SNE- 3) is currently preparing to undergo a drill stem testing program after the successful drilling, coring and wireline logging of the well. SNE-3 was drilled about 3 km south of SNE-1.

According to Far, the SNE discovery is at an early stage of appraisal and will need further drilling, testing and studies before any commercial development arrangement could be defined.

“The SNE oil field contingent resources estimated by RISC represent a significant upgrade on FAR’s previous estimates. RISC’s 2C contingent resource of 468 mmbbls represents a 42% increase to FAR’s previously reported estimate of 330 Mmbbls. This increase to Far’s SNE oil field contingent resource estimates gives FAR increasing confidence that the SNE reservoirs are of such a scale and extent to justify a significant commercial development. Further, our current appraisal drilling program continues with the safe drilling of the SNE-3 well to total depth and we look forward to providing an update of the results of the SNE-3 well on the completion of the flow testing program,” Cath Norman (photo), FAR’s Managing Director told Offshore Energy Today.

Anita Fatunji