The show description included 30% yellow fluorescence and visual porosity associated with a drilling break and an increase in background gas, FAR said.

The Bourg Sand Interval is the first of four objectives being targeted. The remaining targets are predicted at between 12,000 and 12,900 feet. Based on current progress, the well is expected to reach planned total depth of 12,900 feet by the end of the week.

FAR describes the Bay Courant project as "a low-risk, normally pressured test of multiple Miocene oil and gas targets with good upside potential located in intracoastal waters."

The field was discovered in 1973 and has produced 5.1 billion cubic feet of gas and 0.4 million barrels of oil and condensate from three wells but has been inactive since 1980.

The operator, Inflow Petroleum Resources, estimates the prospect as having proved reserves of 5.8 billion cubic feet of gas, 0.52 million barrels of oil and additional probable reserves of 1.7BCF and 0.41 million barrels.

A pipeline is located less than one mile from the drill site.

FAR’s working interest in Bay Courant will reduce from 20% to 15% once payout has been achieved, which is estimated to be within 10 months if the project goes according to plan. FAR is the only listed entity participating in the project. Other interests are held by North American private entities.