Far has a 15% interest in the joint venture, with the other joint venture parties being ConocoPhillips with 35% and Petrosen holding 10%.

FAN-1 is the first of two wells planned for the area and is pure exploration, with the JV having no intention to commercialise it even if it makes a discovery.

They will be drilled back to back and be the first deepwater wells to be drilled offshore Senegal.

Combined prospective resources between the wells are 1.5 billion barrels unrisked, with 225MMbbls net to Far.

FAN-1's objective is to test a stacked fan structure with the potential to contain approximately 900 million barrels of oil, attributing 135MMbbls to Far.

Far expects that, based on current well cost estimates, the carry funding and cash payments that Far has or will receive under the farm out agreements will be in excess of the company's expenditure for the wells.

"We have high hopes for these two wells which have the potential to be company makers for Far," Far managing director Cath Norman said.

"The next year is going to be very exciting for our company with five potentially high-impact wells to be drilled in our West and East African exploration permits.

"Of course exploration has its risks but we are confident that Far can maximise the value from these two exploration wells.

"Success in either of these wells opens the door to a large play fairway of follow on drill targets which are very significant to Far."