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Faroe Petroleum : Awarded New Exploration Licence in UK 30th Round

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05/27/2018 | 03:44pm CEST

value="LSE:FPM" idsrc="xmltag.org">Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in value="LC/no" idsrc="xmltag.org">Norway and the value="LC/gb" idsrc="xmltag.org">UK, is pleased to announce that it has been awarded a new prospective exploration licence under the 30th Licence Round on the value="LC/gb" idsrc="xmltag.org">UK Continental Shelf.

Block 30/14b value="LU/gb.sco.edinbh" idsrc="xmltag.org">Edinburgh Faroe 100% and Operator The Edinburgh prospect straddles the value="LC/gb" idsrc="xmltag.org">UK/ value="LC/no" idsrc="xmltag.org">Norway border in the Central North Sea, at the south eastern end of the prolific Josephine Ridge area, south of the producing Blane field (Faroe 44.5%) and adjacent to the producing Flyndre/Cawdor fields operated by Maersk. The structure is a large, tilted Mesozoic fault block, and is one of the largest remaining undrilled structures in the Central North Sea covering an area of over 40 square kilometres. The prospective reservoirs in this new licence include the Triassic Skagerrak Formation and the Upper Jurassic Ula age-equivalent (Freshney and Fulmar) proven reservoir sandstones.

The large value="LU/gb.sco.edinbh" idsrc="xmltag.org">Edinburgh prospect spans multiple licences in value="LC/gb" idsrc="xmltag.org">UK and Norwegian waters of the North Sea, and is also stratigraphically split across one licence. Faroe’s experience of partnering and operating in both the value="LC/gb" idsrc="xmltag.org">UK and value="LC/no" idsrc="xmltag.org">Norway represents a distinct advantage in bringing the drilling of this highly exciting exploration prospect to fruition.

The licence work programme comprises a drill-or-drop well, pore pressure analysis and structural studies.

value="APIN:1899862959">Graham Stewart, Chief Executive of value="LSE:FPM" idsrc="xmltag.org">Faroe Petroleum, commented:

“We are pleased to announce the award of Block 30/14b which contains the high-impact value="LU/gb.sco.edinbh" idsrc="xmltag.org">Edinburgh prospect. This award is significant in that it is our first new licence in the UKCS since 2014 and leverages Faroe’s considerable knowledge and technical expertise gained over many years of activity in both value="LC/gb" idsrc="xmltag.org">UK and Norwegian waters in order to access attractive cross-border opportunities such as value="LU/gb.sco.edinbh" idsrc="xmltag.org">Edinburgh.

“Faroe is targeting multiple potential new discoveries with a significant exploration and appraisal programme of six wells committed in 2018 alone, taking full advantage of current low rig rates. Faroe’s track record in exploration has been outstanding, having delivered the vast majority of the Company’s 2P reserves and 2C resources. This in turn has led to the Company’s very significant development programme designed to more than treble current production rates over the coming years. The exciting Fogelberg appraisal well is currently underway, to be followed by the high-impact Rungne exploration and then the new Brasse East exploration well, both of which are located near to the Brasse field.

(c) 2018 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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