Far Ltd made two world class discoveries in late 2014 with partners Cairn Energy and ConocoPhillips at its West African exploration leases and in early January this year announced upbeat results of appraisal drilling completed recently.

Results from the SNE-2 appraisal well where particularly positive and the company said that the oil flows from drill stem testing completed there were “important in demonstrating SNE is a world class oil discovery with the ability to flow oil at commercially viable rates”.

FAR said that a drill stem test of the lower reservoir unit flowed oil at a constrained rate of 8000bopd, which confirmed high primary reservoir deliverability.

“A drill stem test of the of the upper heterolithic reservoir unit flowed oil at a maximum rate of about 1000bopd (unstable), highlighting the potential for these upper units to make a material contribution to SNE resource and production volumes.”

FAR managing director Cath Norman said: “The excellent results from the SNE-2 appraisal well have confirmed the SNE oil field reservoir quality and are important in demonstrating the ability of the SNE reservoirs to flow oil at commercially viable rates.

“This positive result has also helped confirm the overall scale and extent of the resource base and it is expected to support a future revision of the SNE resource estimates.

“This also provides further evidence of the substantial potential of FAR’s extensive exploration acreage position offshore Senegal. Overall, SNE-2 has provided FAR with significant confidence that SNE has potential to become a major, world-class, oil field development.

“SNE-2 has been drilled, cored, logged and tested ahead of schedule and we are now looking forward to the results from SNE-3.”

FAR said it was dedicated to being a leading African focused exploration company and in West Africa, the company holds the broadest portfolio of exploration licences of any ASX listed entity spanning Senegal and Guinea Bissau.

In East Africa FAR has substantial exposure to the fast emerging oil and gas province of Kenya. FAR also holds acreage surrounded by proven petroleum systems in Western Australia.

In November 2011, FAR completed a takeover of Flow Energy Ltd giving it control of a portfolio of exploration assets in Kenya.