MELBOURNE -- FAR Limited announces that the Development and Exploitation Plan for the SNE oil field offshore Senegal has been submitted to the Government of Senegal by the Joint Venture.

The Development and Exploitation Plan outlines the full field multi-phase development of oil and gas and details how the field will be developed in a series of phases with plans for ~500 MMbbl of oil to be developed with a plateau production of 100,000 bopd.

The first phase of oil development will principally develop the S500-resource with up to 23 subsea oil production, water injection and gas injection wells tied back to a floating production, storage and offtake facility (FPSO). Following the establishment of oil production, gas will be produced. The FPSO will also include provision for future gas export to shore for domestic supply.

Tender responses for the FPSO facility and supporting subsea infrastructure have been received by the Joint Venture and are under evaluation and short listing ahead of Front-End Engineering and Design (FEED) Entry planned for later this year.