Junior explorer Faroe Petroleum announced Thursday that it has taken a 25-percent stake in the Pil prospect offshore Norway as well as acquiring a 50-percent interest in the Lowlander discovery in the UK zone of the central North Sea.
The Pil prospect is located within tie-back distance to the producing Njord field in which Faroe holds a 7.5-percent interest. According to the firm, the prospect is a combined structural and stratigraphic closure with the primary target being at a shallow Upper Jurassic Rogn formation sandstone that has proved to be an effective reservoir in the Draugen field some 38 miles to the northeast.
Faroe said that an exploration well is scheduled to be drilled on Pil in the first half of 2014 with the Transocean Arctic rig. The operator is VNG, from whom Faroe acquired its 25-percent stake.
The Lowlander stake has been bought from Talisman Sinopec. Discovered in 1987, the Lowlander field is an Upper Jurassic Piper sand oil accumulation located in the central North Sea, around 130 miles northeast of Aberdeen. The field has been fully appraised and has sour characteristics similar to the Perth field. The work program will include a joint Perth/Lowlander development study.
"Our acquisition of a 50-percent share of Lowlander helps create the potential for an attractive joint Perth/Lowlander development. The collective volumes in these fields are significant, considering their central location in the UK North Sea, and we look forward to making progress in the near term towards their development," Faroe Chief Executive Graham Stewart said in a statement.
Stewart pointed out that the next well to spud in its program will be the Darwin frontier well, the company's first in the Norwegian waters of the Barents Sea. Darwin, in which Faroe holds a 12.5-percent stake, is operated by Spain's Repsol and potentially holds one billion barrels of oil equivalent according to estimates.
Faroe is also awaiting results from another frontier well, North Uist, located west of Shetland.
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