Faroese oil group Atlantic Petroleum is to farm into the Norwegian Sea’s Ivory prospect, after agreeing a deal to buy up to a 15% stake on the field.
The prospect, which is thought to hold up to 306million barrels of oil, sits near the Aasta Hansteen development.
Rocksource currently holds a 25% share in the field, which is operated by Centrica, but Atlantic has agreed to buy at least a 5% stake in the site.
The farm-in gives the Faroe Islands firm the option to increase that stake to 15% by the end of April this year.
“We are very pleased to add another exciting opportunity to our Norwegian portfoliom” said Atlantic chief executive Ben Arabo.
“2014 will be a busy year for Atlantic Petroleum with the Langlitinden well in Norway being drilled in the first quarter, to be followed later in the year by the UK Pegasus well, the Faroes Brugdan 2 well and now the Norway Ivory well scheduled for second half of 2014.”