Oil and gas explorer FAR Ltd. on a West African roll

April 4 (UPI) -- West African oil and gas explorer FAR Ltd. said its streak is continuing with an expansion to the terms of its campaign offshore Guinea-Bissau.

FAR Ltd., which has headquarters in Australia, said it's revised the regional licenses with state oil company, Petroguin, so that the company's share and term duration increases. With a license period now extending to 2020, the company said it has more options for funding for the Sinapa and Esperanca reservoirs, which have similar characteristics to proven basins offshore Senegal.

FAR since March has been steady with updates on its license areas off the West African coast. Its SNE oil field off the coast of Senegal is considered one of the world's largest discoveries ever made and the company last week brought the British subsidiary of China National Offshore Oil Corp. in as a mutually interested party for areas off the coast of Gambia and Senegal.

"The expression that it never rains, it pours can certainly be said of FAR this past week," Managing Director Cath Norman said in a statement.

Norman said the revised terms of the agreement offshore Guinea-Bissau include arrangements that are more favorable for investing in deep regional waters.

The work obligation for FAR is to drill one exploration well in each license area with a minimum spending commitment of $3 million each. By the company's best estimate, the area holds about 13.4 million prospective barrels of oil.

FAR is focused on the broader Mauritania-Senegal-Guinea-Bissau basin. With eight regional oil discoveries so far, the company said MSGB is quickly emerging as an exploration "hot spot."