FAR said gas sales during the quarter totalled 42.2 million cubic feet, or about 0.46 million cfd. Oil sales reached 5,150 barrels or an average 56 bopd.
Hurricane activity affected oil production at FAR’s Bay Courant Project in Lafourche Parish, South Louisiana due to safety shut-ins, said Far, which holds a 20% participation interest.
September highlights include starting completion operations on two wells at Lake Long and fracture stimulation at Welder Ranch.
Drilling rigs are being sourced for Louisiana’s South Grosse Tete and Lake Long, while one was secured for California’s Eagle Project. In addition, a completion unit has been contracted for the Rainosek Project area, Texas.
FAR said it views the USA, particularly the Gulf Coast area, as the key to building a production and reserve base.
“This is unsurprising given the proliferation of hydrocarbons, the robust energy pricing regime and the established infrastructure,” it said.
“FAR continually reviews new opportunities generated by a strong network built over more than a decade of doing business in Texas and Louisiana.”
In Australia, the Little Joe Prospect, which overlaps into offshore Carnarvon Basin WA-254-P, has been scheduled for drilling by Woodside during late 2005 or early 2006, FAR said.
Also in WA-254-P, the Duomonte Prospect - also known as the Marauder Prospect - has been flagged for possible drilling for the first half of 2006 following the reprocessing of new 3D seismic.
Back in the US, drilling of the Loveless F-2 well in Hardeman County, Texas will be delayed as several companies are still to decide on the project, FAR said. This means the Paterson October rig slot will now slip. The company holds a 11.375% interest in the project.
In other updates, permits have been issued and location building completed for drilling of the Schwing A-1 well on the South Grosse Tete Project, South Louisiana, which contains a potential 3 to 5 million barrels of oil, FAR said.
The Schwing well will comprise the first phase of a three-year program to evaluate additional deeper seismically defined objectives - now referred to as the Baist 29-1 Prospect - at the Nonion Struma, Nodosaria and Deep Wilcox intervals.
“Subject to a successful exploration outcome, a prospect of this magnitude has the potential to make a significant impact on FAR’s reserve and production base particularly given prevailing
energy prices,” FAR said.
FAR’s 17% interest will reduce to 12.75% once cost recovery is achieved.
