Faroe Takes Stake in North Sea Perth Field

Faroe Petroleum has acquired a 28% interest in each UK license P218 and P588 containing the undeveloped Perth oil field. The undeveloped Perth field was discovered by well 15/21a-7 in 1983 by Monsanto. Three appraisal wells and one sidetrack well were completed on the field, with the latest well drilled by Hess in 1997. The crude tested from the field’s Claymore sands range in gravity from 29 to 32 degree API, and flowed at rates between 1,000 and 6,000 bopd with associated sour gas.

Faroe is now working closely with the operator, Deo Petroleum to address technical challenges related to developing the field, and will investigate further exploration and appraisal opportunities on the license block. Faroe is acquiring the interest from Nexen Petroleum U.K. Limited and the transaction is subject to consent of the joint venture parties, the waiver of pre-emption rights and U.K. Department of Energy and Climate Change approval.

The other partners in the license include Deo Petroleum UK Limited (operator, 42.08%), Maersk Oil UK Limited (19.13%), and Atlantic Petroleum UK Limited (10.79%). Perth is located about 115 miles (185 kilometers) northeast of Aberdeen in a water depth of 427 feet (130 meters).

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