Faroe Bags Maersk Guardian for Clapton Prospect

Faroe Petroleum has secured a contract for the use of the Maersk Guardian jackup to drill the Clapton prospect in late 2011 or early 2012. Faroe has received approval from the Norwegian authorities and its license partners to serve as the operator of license PL 440S where the Clapton exploration well has been committed, stated the company in a press release.

Additionally, the company has increased its stake in the license from 20% to 40%, with the remaining co-ventures being Det norske, decreasing its stake from 30% to 10%, Norwegian Energy Company (12%), Lundin (18%), and Dana (20%). Awarded in 2006, this license is located in a prolific area nearby existing oil fields, Ekofisk, Valhall and Eldfisk, containing 6 to 7 billion boe reserves.

The Clapton prospect is formed on the edge of a salt induced structure referred to as the Mode Dome, previously explored in the 1980s. The main targets in the structure are the Upper Cretaceous Hod, Tor and Ekofisk formation, a proven reservoir in the Central Graben. The reservoir contains good flow properties through the matrix, as well as secondary fracture network development, according to Faroe.

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