Gulf Oil and Gas accountACCOUNT

Faroe Acquires 12.5% Interest in Darwin Prospect in PL531

Source: www.gulfoilandgas.com 8/23/2012, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has acquired a 12.5% interest in the Darwin prospect in PL531 in the Norwegian Barents Sea.

The Darwin prospect is a high impact wildcat exploration well located on the Veslemoy High in the frontier western part of the Barents Sea. The prospect is a large closure at multiple levels, which is contained within the PL531 licence and located approximately 60 to 80 kilometres to the south west of the recent Statoil Skrugard and Havis oil discoveries. Multiple targets have been identified on 3D seismic. The first exploration well, expected to spud earliest end December 2012, will test the main Darwin prospect and will contribute towards further de-risking of the large upside potential in the remainder of the licence area.

The acquisition of this share in PL531 is an important step towards Faroe's ambition of building a strategic position in the Barents Sea and builds on our two large existing licences in the Bjarmeland basin further to the East. Faroe has agreed to carry Talisman Energy Norge AS' retained 12.5% share of base well cost obligations in respect of the well, in return for a 12.5% share in the licence. Faroe's costs in respect of this farm-in will be satisfied from existing cash resources. The drilling operations will be operated by Repsol Exploration Norge AS (20%) using the Aker Barents semi-submersible drilling rig. The other joint venture partners are Talisman Energy Norge AS (25%, retained 12.5%), Marathon Oil Norge AS (10%), RWE Dea Norge AS (25%) and Concedo ASA (20%). The agreement is subject to approval by the Ministry of Petroleum and Energy in Norway.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are very pleased to announce this farm-in, which secures Faroe a stake in an attractive, high impact, wildcat exploration well. With drilling operations due to begin around the end of the year, this adds a further exciting well to our already substantial drilling programme and gives us access to our first exploration well in the highly prospective Barents Sea. Licence PL531 is an important new position in the promising western part of the Barents Sea - an area where a major breakthrough was achieved last year with the giant Skrugard oil discovery and which is expected to be highly competed for in the upcoming 22nd Licensing Round."

Acquisitions and Divestitures News in Norway >>

Brazil >>  8/18/2019 - BW Offshore (BWO) has announced that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as oper...
Morocco >>  8/18/2019 - Announcing its unaudited results for the six months ended 30 June 2019, Genel Energy said that, on the Sidi Moussa block offshore Morocco (Genel 75% w...

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

France >>  8/5/2019 - Total has signed an agreement to sell a 30% interest in Société des Transports Pétroliers par Pipelines (Trapil) to Pisto SAS for €260 million (about ...
Guinea Bissau >>  8/5/2019 - SPE Guinea Bissau AB (“Svenska GB”), a wholly owned subsidiary of Svenska Petroleum Exploration AB, Sweden, is the Operator of Block 2, the Sinapa Lic...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.