Australian oil and gas company FAR Limited said Thursday its Bambo-1ST1 well offshore The Gambia had not encountered live oil columns and would be plugged and abandoned.
Despite the disappointment, FAR said that the well data showed that several target intervals in the well had oil shows, "confirming a prolific oil source is present in the area," and that oil shows could open additional material exploration opportunities and running room in both the A2 and A5 Blocks.
"The drilling operations of the Bambo-1 well and Bambo-1ST1 side-track well were conducted safely and within the amended budget. The well and side-track are being plugged and abandoned consistent with the planned well abandonment program for this type of exploration well," FAR, which used the Stena IceMax drillship, said.
Cath Norman, FAR Managing Director said, “Although no moveable oil was interpreted, FAR is encouraged to have encountered good oil shows and potential reservoirs in the Bambo-1 well and Bambo-1ST1 side-track. The project has provided significant geological information, including new play types, that reaffirms the potential of further hydrocarbon prospects in the A2 and A5 blocks in the Gambia. Bambo-1 and the side-track have confirmed that all of the requisite petroleum system elements are present in the area and the technical team is already busy integrating the new data and high-grading future prospects.”
"The drilling conditions for the Bambo-1 well presented some technical challenges, but we completed the well and the side-track operations safely and within our amended budget. We thank our drilling team at Exceed and Stena for working co-operatively with FAR in completing this program.” “FAR looks forward to working with its co-venturer Petronas and the Government of The Gambia on the next steps in realizing the exploration potential in country.”
FAR is Operator and a 50% interest holder in the A2 Licence, offshore The Gambia in which the Bambo well has been drilled. The well fulfills the minimum work obligation of drilling one exploration well for the Initial Exploration Periods for both the A2 and A5 Licences.