Oil and gas firm Faroe Petroleum said yesterday it had acquired a 25% stake in the Pil prospect in the Norwegian Sea and a 50% share in the Lowlander discovery in the UK central North Sea.
The Aberdeen-based independent, which bought the Pil stake from operator VNG, said that exploration drilling was due to begin at Pil in the first half of next year.
Faroe, which bought the half share in the Lowlander discovery from Talisman Sinopec, will conduct a development study of the field – around 140 miles north-east of Aberdeen – to include the neighbouring Perth project, in which it has a 34.62% stake.
Chief executive Graham Stewart said the next well in line for drilling would be Darwin, the firm’s first in the Norwegian Barents Sea.
He added that results were expected soon from the North Uist well west of Shetland.
Faroe focuses on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway.
The firm has interests in more than 60 licences.