In a statement FAR executive chairman Michael Evans said, “We are pleased to have formalised the paperwork on Bay Courant and to see a rig available as soon as 1 November 2004. This timing and our proximity to existing infrastructure gives FAR a realistic opportunity to take advantage of the rampant energy market prevalent in the USA.”

“With the Middle Hollywood soon to commence production at Lake Long and the drilling of the South Grosse Tete Prospect to follow on the heels of Bay Courant we can look forward to strong growth in our USA oil and gas production,” added Evans.

According to the firm, “[Our] working interest at Bay Courant will reduce to 15% once payout has been achieved which is estimated to be within 10 months provided the program proceeds according to plan.”

“FAR is the only listed entity participating in the project with other interests held by North American entities,” it added.