Lagavulin well nears TD

Faroe Petroleum says the Lagavulin exploration well west of Shetland should reach target depth in the next few weeks.

Offshore staff

ABERDEEN, Scotland -- Faroe Petroleum says the Lagavulin exploration well west of Shetland should reach target depth in the next few weeks.

The drillship Stena Carron spudded the well for operator Chevron last October in license P1196. Faroe, which has a 10% interest in the license, describes Lagavulin as “a significant sub-basalt opportunity situated in the deeper waters of the Corona Ridge, with very substantial resource potential”.

However, drilling has progressed more slowly than expected and difficult conditions necessitated a technical side track.

Faroe also is preparing to drill its first well as operator this summer on the Fulla prospect in shallow water, west of Shetland, having secured a well slot on a rig working for various companies off northwest Europe.

Early this year, the company farmed out 50% of its Fulla/Freya licenses to Canadian Overseas Petroleum, which will pay 60% of the drilling costs.

In the same region, Faroe will participate in a commitment well operated by BP on the North Uist/Cardhu license P1192, due to be drilled either late this year or early in 2012. The target is a potentially high-impact prospect with multiple reservoir objectives on the Corona Ridge close to Chevron’s Rosebank discovery.

Offshore Norway, Faroe has committed to operate the shallow water Clapton well in Norwegian North Sea license PL 440S, with a rig lined up to drill the well in early 2012.

The company will participate in six further Norwegian wells in 2011-12; PL431 T-Rex; PL414 Kalveklumpen; PL405 Butch; PL477 Cooper; PL475 BS Maria Appraisal North; and PL475 Mirage.

Wintershall discovered Maria last year on the Halten Terrace in the Norwegian Sea. The well was drilled in the southern part of the Maria structure, proving 40° API oil in the Upper and Lower Garn formations in good quality reservoir.

Concept screening studies are under way, and Wintershall may submit a field development plan in 2012. Recoverable volumes are estimated at around 105 MMboe; however, the appraisal well in the northern part of the field in late 2011 or early 2012 should better define the size of the development project.

There have been discussions with several owners of potential host processing facilities. The partners are evaluating a subsea development in parallel with alternative stand-alone solutions.

05/13/2011

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