FAR Ltd has entered into a farm in option agreement with a subsidiary of Trace Atlantic Oil Ltd for the Djiffere block offshore Senegal. The Djiffere block is adjacent to FAR's highly prospective Rufisque, Sangomar and Sangomar Deep blocks that contain the significant SNE-1 and FAN-1 oil discoveries.
The western part of the Djiffere Block is located along geological trend with the shelf play types identified in the eastern part of FAR's RSSD blocks. The potential of this shelf trend has been proven by the world class SNE-1 discovery, which was ranked by IHS CERA as the largest oil discovery worldwide in 2014.
FAR has identified multiple large prospects for drilling in its existing RSSD blocks along the shelf trend totalling 765 million barrels of prospective oil resources (gross, unrisked, best estimate, 100%) in a variety of structural play types including Buried Hill and Shelf Edge plays.