Australian energy company FAR Ltd. said it bet heavily on offshore Senegal, though revenue year-on-year was lower by more than 50 percent. FAR is focusing the bulk of its spending and exploration efforts on emerging basins off the coast of West Africa. The company said in a report on the first half of 2016 that exploration and evaluation assets increased by around 60 percent to $96.8 million, which it said reflected the funding for four appraisals wells offshore Senegal. With contingent resources of around 200 million barrels of oil, the company last week said the SNE oil field met the minimum threshold to be considered commercial. Envisioning a floating production storage and offloading concept, FAR said it estimates a peak production rate of 140,000 barrels of oil per day from the SNE field. In its latest assessment, the International Monetary Fund said the economy in Senegal was stable with a growth rate of around 6 percent expected. Both inflation and the budget deficit are expected to remain at levels supportive of economic expansion.