Faroe focuses on Lowlander/Perth hub in North Sea

Faroe Petroleum has agreed to acquire from North Sea Ventures a 50% interest in the Lowlander oil discovery in UK central North Sea block 14/20c.

Offshore staff

ABERDEEN, UK – Faroe Petroleum has agreed to acquire from North Sea Ventures a 50% interest in the Lowlander oil discovery in UK central North Sea block 14/20c.

Assuming approval from the UK government, Faroe will then have a 100% operated interest. The company acquired its current stake from Talisman Sinopec in February.

Faroe’s goal is ajoint development with the neighboring Perth field, in which the company has a 34.62% stake. The fields would share the same production facilities.

Both fields have been fully appraised via a total of nine wells, with estimated in-place oil of 270 MMbbl, of which 62 MMbbl could be recoverable. Of these, 22 MMbbl are attributable to Lowlander.

Potentially, the new FPSO-based facilities could serve as a hub for any other analogous accumulations discovered in the area.

11/14/2013

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