Faroe awarded new UK exploration licences

Faroe Petroleum has provisionally been awarded two new exploration licences on the UK Continental Shelf in the 28th Offshore Licensing Round.

Fynn - Blocks 15/11 & 15/16d

Located in the Central North Sea, approximately 6 km from the Faroe operated Lowlander Field, Fynn is a down-thrown prospect comprising Jurassic-aged Piper sandstones. The work programme comprises a contingent well and pre-stack-depth-migration (PDSM) processing. Well contingency is dependent on the successful outcome of the seismic processing.

The licence joint venture partners are Parkmead E&P Limited (25% and operator), with co-venturers Verus Petroleum SNS Limited (25%) and CalEnergy Gas Limited (25%).

Perth Field Extension - Block 14/25

Block 14/25 is located immediately to the west of the undeveloped Perth Field into which the western edge of the Perth Field extends. The work programme comprises a drill or drop well and PSDM seismic processing.

The licence joint venture partners are DEO Petroleum UK Limited, a subsidiary of Parkmead (52.03% and operator) and Atlantic Petroleum UK Limited (13.35%).

Comments

Graham Stewart, Chief Executive of Faroe Petroleum, commented: “I am pleased to report these new licence awards within the Central North Sea area of the UK. Securing these two promising licences further extends our acreage position around the strategically important Perth/Dolphin/Lowlander development opportunity, in which Faroe holds a majority stake, and further diversifies our extensive exploration portfolio.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/07112014/faroe-petroleum-new-exploration-licences-285/