Faroe Petroleum has agreed to farm-in for a 10% interest in UK Block 22/11b from Bow Valley Petroleum (UK) Limited by participating in the drilling of well 22/11b-13. Block 22/11b, awarded to Bow Valley in 2007, in the 24th UK Licensing Round, contains the significant Fulmar prospect, which offers a good fit with Faroe's strategy to participate in high impact exploration wells in prolific areas. Drilling commenced on August 19, 2008.
The 22/11b-13 well will target an Upper Jurassic Fulmar sand prospect, a play which has been recognized on the flanks of the Central Graben, where good quality sands have been deposited after erosion from the neighboring high areas. The prospect lies in close proximity and on trend with a number of discoveries with good quality Fulmar reservoir, including the Wood (Block 22/18), Howe (Block 22/12), Huntington (Block 22/14), and most recently Talisman's Cayley. Considerable further upside has also been identified on the license.
The well, located in 90 meters water depth, is being drilled in an area close to significant oil infrastructure, approximately 10 kilometers from the Nelson field and 18 kilometers from the Montrose field. The Transocean Prospect semisubmersible drilling rig will be employed under a drilling management arrangement with AGR.
Chief Executive Graham Stewart 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 program in its core areas of the North Sea, Norway and the Atlantic Margin.
"Faroe has commenced a significant, fully funded drilling campaign of over 20 wells in two years. In addition to Fulmar L, 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. The West Breagh appraisal well is
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