Majors step up search on Atlantic Margin

Faroe Petroleum will participate in five potentially high-impact wells in the Atlantic Margin over the next two years.

Offshore staff

ABERDEEN --Faroe Petroleum will participate in five potentially high-impact wells in the Atlantic Margin over the next two years. Most of the prospects are located along the Corona Ridge area, which has proven to be the most prolific for discoveries in the region.

Pending rig scheduling and weather delays, the first of these wells will be drilled by the semisubmersibleLeiv Eriksson on the OMV-operated Tornado oil prospect west of Shetland, close to BP's Suilven field in block 204/13.

Next up should be ENI's exploration well on Anne Marie in Faroese License 005, another potentially large structure in a geological setting similar to Chevron's Rosebank oil discovery. The well will test multiple targets.

DONG should drill the third well in the sequence this summer on Glenlivet in UK block 214/30, using theTransocean Rather. Faroe describes Glenlivet as a low-risk, large gas prospect situated close to Total's Laggan field, which is expected to go forward for development as a long-distance tieback to new gas processing facilities on the main Shetland island.

Faroe expects further wells on its interests to be drilled by BP on the Cardhu license (PL 1192), on another prospect with multiple reservoir objectives; and by Chevron next year on the sub-basalt Lagavulin structure in the deeper waters of the Corona Ridge.

Elsewhere in the region, Faroe participates in Faroese License 009, operated by StatoilHydro. The partners have acquired 250 sq km (96.5 sq mi) of high resolution 3D seismic data, focussing on the sub-basalt Sildrekin prospect.

Last year, Faroe gained equity in two further new Faroese licenses, one as 100% operator. The Rannva Extension License 017 is adjacent to Faroe's existing Rannva permit, which contains what the company calls a "very substantial lead" (Rannva A) on the crest of the Wyville-Thomson Ridge. It plans a low-cost seismic reprocessing program to further delineate this structure.

04/22/2009

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