ABERDEEN, UK – Faroe Petroleum has farmed into 25% of the Agar Plantain exploration and appraisal well close to the UK/Norwegian North Sea median line, which the semisubmersible Transocean Leader is due to start drilling this month.
Azinor Catalyst operates the well, which will initially test the Plantain exploration prospect followed by a contingent side track to appraise the 2014 Agar oil discovery.
Catalyst estimates combined volumes from the two prospects as potentially up to 98 MMboe.
Plantain, like Agar, is an Eocene oil prospect, as Aker BP’s analogousFrosk oil discovery (24/9-12 S) earlier this year on the Norwegian side of the median line.
Estimated cost of the Agar Plantain well is $15 million. The other partner is Cairn Energy.
Through the same transaction, Faroe will also become a 12.5% equity holder in the wider P1763 license, operated by Apache North Sea.
Graham Stewart, the company’s chief executive, said: “Faroe’s UK exploration strategy is to pursue on a highly selective basis suitable opportunities, located close to existing infrastructure offering potential for early exploitation through subsea tieback.
“The Agar Plantain well represents a good opportunity to leverage our extensive Norwegian exploration expertise and track record onto the UKCS [UK continental shelf], and in a cost-effective manner, taking advantage of continuing low rig rates.”