The Blocks A2 and A5 areas, covering 2,682 square kilometres, are adjacent to and on-trend with FAR’s world-class SNE oil field discovery which is moving toward development and first oil in 2022.

FAR Ltd (ASX:FAR) has acquired an additional 10% interest in the highly prospective offshore Blocks A2 and A5 offshore The Republic of The Gambia, giving FAR a 50% working interest and operatorship.

The government of The Gambia has issued new licences to the joint venture in respect of the A2 and A5 Blocks, incorporating updates to the licence terms.

Under the new licences, FAR and PC Gambia Ltd, a subsidiary of PETRONAS, each have a 50% participating and paying interest.

Read more on the site ProactiveInvestors.co.uk