Space Travel News  
OIL AND GAS
West African explorer FAR Ltd. gets cash injection
by Daniel J. Graeber
Washington (UPI) Apr 6, 2017


West African explorer FAR Ltd. said it raised substantial capital to fund its development programs in the emerging oil basin offshore Senegal.

FAR placed 1 billion shares to institutional and other investors to generate around $60 billion in capital. The company said the proceeds would be used to fund drilling, evaluation and pre-development programs off the coast of Senegal, and potentially the acquisition of further assets off the Gambian coast.

Trading for the general public is halted "until further notice," and the company said the shares it did release were discounted by 4.8 percent. With full underwriting, Managing Director Catch Norman said the evidence is there that FAR's portfolio is high quality.

"The cash raised is expected to fund FAR through the expected work program for 2017 and 2018 in Senegal," she said in a statement.

The SNE oil field met the minimum threshold to be considered a commercial opportunity by the third quarter of 2016, less than two years after it was discovered. By the company's estimates, more than 1.5 billion barrels of oil may be in basins off the coast of Senegal and the results from VR-1, its latest discovery in the larger SNE field, could lead to revisions in the reserve estimate.

Cairn Energy, which holds interest offshore Senegal with FAR Ltd., said appraisal data is promising so far.

"VR-1 is the sixth successful appraisal well on the SNE field and has encountered some of the best quality reservoirs found to date," Chief Executive Simon Thomson said in a separate statement.

When it was discovered in 2014, the SNE field was considered the largest oil discovery in the world. FAR said the inclusion of the VR-1 into the drilling program would have a minimal impact on funding for offshore Senegal.

FAR Ltd. last week brought the British subsidiary of China National Offshore Oil Corp. in as a mutually interested party for areas off the coast of Gambia and Senegal.

OIL AND GAS
Norway's Statoil does more with less with new oil project
Washington (UPI) Apr 5, 2017
With plans for new oil development in the Norwegian Sea approved, Statoil said it's doing more with less because of cost-efficient measures from the industry. The Norwegian government approved Statoil's development plans for the Trestakk basin in the Norwegian Sea, which were submitted on behalf of a consortium that includes regional subsidiaries of U.S. supermajor Exxon Mobil and Italy ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
OIL AND GAS
New MAVEN findings reveal how Mars' atmosphere was lost to space

Potential Mars Airplane Resumes Flight

Prolific Mars Orbiter Completes 50,000 Orbits

Final two ExoMars landing sites chosen

OIL AND GAS
How a young-looking lunar volcano hides its true age

Surviving the long dark night of the Moon

Team Indus To Send Seven Experiments To The Moon Including Three From India

Sun Devils working for a chance to induce photosynthesis on our lunar neighbor

OIL AND GAS
ANU leads public search for Planet X

Juno Spacecraft Set for Fifth Jupiter Flyby

Scientists make the case to restore Pluto's planet status

ESA's Jupiter mission moves off the drawing board

OIL AND GAS
Astronomers identify purest, most massive brown dwarf

Fledgling stars try to prevent their neighbors from birthing planets

Fossil or inorganic structure? Scientists dig into early life forms

Gigantic Jupiter-type planet reveals insights into how planets evolve

OIL AND GAS
Evolution of Arianespace governance ensures greater coherence with Airbus Safran Launchers

SpaceX hails 'revolution' after recycled rocket launch, landing

SpaceX launches first recycled rocket

Musk diving into minds while reaching for Mars

OIL AND GAS
China Develops Spaceship Capable of Moon Landing

Long March-7 Y2 ready for launch of China's first cargo spacecraft

China Seeks Space Rockets Launched from Airplanes

Riding an asteroid: China's next space goal

OIL AND GAS
Wrong-way asteroid plays 'chicken' with Jupiter

A Trojan in Retreat

ExoTerra to become first privately owned space company to fly to an asteroid

OSIRIS-REx asteroid search tests instruments, science team









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.