Faroe farms into Tor well

Faroe Petroleum is acquiring a 10% interest in two Norwegian licenses from Noreco ASA.

Offshore staff

ABERDEEN, UK --Faroe Petroleum is acquiring a 10% interest in two Norwegian licenses from Noreco ASA.

Production licenses PL006C and PL006D contain the South East Tor oil discovery and the Hyme prospect. Operator Lundin Petroleum plans to drill an appraisal well on South East Tor around the turn of the year using the jackupMaersk Gallant, with a subsequent sidetrack targeting Hyme.

South East Tor was discovered in 1972 in 67 m (220 ft) of water, the well testing 43deg SPI oil at 4,525 b/d from the Upper Cretaceous Tor formation, and 4,281 b/d from the Ekofisk chalk formation. Further appraisal wells followed in 1973 and 1988. Both structures are within tie-back reach of production platforms in the area.

Faroe will carry part of Noreco's cost obligations for the well in return for its 10% stake in the license.

04/21/2008

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