Joint Lowlander/Perth offshore development in prospect for North Sea

Faroe Petroleum has agreed to take a 50% interest from Talisman Sinopec in UK central North Sea license P.324, block 14/20c.

Offshore staff

ABERDEEN, UK – Faroe Petroleum has agreed to take a 50% interest from Talisman Sinopec in UK central North Sea license P.324, block 14/20c.

This containsLowlander, an Upper Jurassic Piper sand oil field discovered in 1987 by the Texaco-drilled 14/20b-17 well.

The field, which was fully appraised by subsequent wells, has sour characteristics, similar to those of thePerth field development 16 km (9.9 mi) distant, in which Faroe has a 34.62% interest. The work program will include a joint Perth/Lowlander development study.

Graham Stewart, CEO of Faroe, said: “The collective volumes in these fields are significant, considering their central location in the UK North Sea…”

2/28/2013

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