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.
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