Faroe, Maersk to take on T-Rex

Faroe Petroleum will participate in two exploration wells planned for the Norwegian sector, subject to approvals from the Norwegian authorities.

Offshore staff

ABERDEEN-- Faroe Petroleum will participate in two exploration wells planned for the Norwegian sector, subject to approvals from the Norwegian authorities.

Production license PL431 in the Norwegian Sea was awarded to Faroe under the country’s 2006 Awards in Predefined Areas licensing round. Maersk Oil Norway recently became operator with a 70% interest, with Faroe holding the remainder.

The partnership plans to drill the T-Rex well to appraise a discovery in the Lower Cretaceous interval between the Smorbukk and Smorbukk Sor fields. Faroe believes the prospect contains upside for substantial hydrocarbon volumes.

In the North Sea, the company has 15% of licenses PL405 and Pl405B, operated by Centrica. Here the partners plan to drill the Butch prospect on the flank of an untested salt diaper on the margins of the Central Graben. The Ula and Gyda Jurassic oil fields are 15 km (9.3 mi) to the west.

08/19/2009

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