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Faroe Commences Solberg well in the Norwegian Sea

Source: www.gulfoilandgas.com 2/3/2014, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the Atlantic margin and the North Sea, is pleased to announce the spudding of the Wintershall operated Solberg appraisal well 6407/1-7 (Faroe 20%).

The Solberg prospect is located in the APA 2007 license PL475 on the Halten Terrace in the Norwegian Sea four kilometres north-east of the Tyrihans field and eight kilometres south-east of Faroe’s significant Maria discovery (2010).

The well will assess the lateral extent and size of the Lower Cretaceous Rodriguez discovery announced by Faroe in January 2013, where moveable hydrocarbons were discovered in sandstone layers in the Lange formation. The Operator's gross un-risked preliminary volumetric estimates of the size of the Rodriguez discovery were stated to be between 19 and 126 million barrels of recoverable oil equivalent.

In August 2013, the Company announced a farm down of the Solberg licence whereby Faroe retains 20% equity in exchange for a carry on costs. In addition, Faroe holds a 30% equity interest in the neighbouring Milagro Licence PL590, which offers excellent follow-up potential to Solberg in the event of success.

The Solberg licence drilling operations are operated by Wintershall Norge AS (35%) using the Borgland Dolphin drilling rig with partners Centrica Resources Norge AS (20%), Moeco Oil & Gas Norge AS (15%) and Spike Exploration Holdings AS (10%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“We are pleased to announce the spudding of the Solberg appraisal well which follows on from the adjacent Rodriquez discovery announced in January 2013. This well is particularly exciting due to its potential to open up a new play in this area, in which Faroe has built up a substantial position.

“Solberg is the second well to spud this year in our continuing high impact exploration and appraisal programme. This well follows the significant Snilehorn discovery announced in November 2013 and our recently announced small oil and gas discovery at the Novus well. The campaign continues with the current drilling of two further wells, on Pil, located close to the Njord Field and the Butch East well, adjacent to the Butch Main discovery in the Norwegian North Sea, with results due on each in the coming weeks.”

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