Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Faroe upbeat over venture’s potential

Faroe upbeat over venture’s potential
Faroe Petroleum, the Aberdeen-headquartered oil and gas company, said yesterday its latest exploration venture was targeting a significant prospect in a prolific area of the central North Sea.

Faroe Petroleum, the Aberdeen-headquartered oil and gas company, said yesterday its latest exploration venture was targeting a significant prospect in a prolific area of the central North Sea.

It said it had agreed to farm-in to acquire a 10% interest in UK block 22/11b from Bow Valley Petroleum (UK) by participating in drilling well 22/11b-13.

It added that block 22/11b, awarded to Bow Valley in 2007 in the 24th UK licensing round, contained the Fulmar prospect.

Graham Stewart, chief executive of Faroe, said: “This is an attractive prospect with significant resource potential and moderate risk, offering a good fit with Faroe’s strategy of participating in a very active drilling programme in its core areas of the North Sea, Norway and the Atlantic Margin.

“Faroe has begun a significant, fully-funded drilling campaign of more than 20 wells in two years. In addition to Fulmar, the company is at present drilling simultaneously three further wells – the Topaz gas field appraisal well, the East Breagh exploration well and the Marsvin exploration well.

“Three more wells are scheduled to be drilled later in the year in Norway – the Hyme and Grosso exploration wells and the South East Tor oil appraisal well. We look forward to updating the market on progress.”

The Fulmar prospect lies close to and on trend with a number of discoveries, including Wood (block 22/18), Howe (block 22/12), Huntington (block 22/14), and Cayley (block 22/17).

Faroe said considerable further upside had also been identified on the 22/11b licence. The 22/11b-13 well is being drilled in an area close to significant oil infrastructure, about six miles from the Nelson field and 11 miles from the Montrose field.

The Transocean Prospect semi-submersible drilling rig is being employed under a drilling management arrangement with AGR.

Recommended for you

More from Energy Voice

Latest Posts