Faroe reviews options for Perth

Faroe Petroleum has taken a 28% stake in UK North Sea licenses P218 and P588 containing the undeveloped Perth oil field.

Offshore staff

ABERDEEN, UK -- Faroe Petroleum has taken a 28% stake in UK North Sea licenses P218 and P588 containing the undeveloped Perth oil field.

Perth is in 130 m (426 ft) of water, 185 km (115 mi) northeast of Aberdeen in block 15/21c, which with 15/21b (residual area) forms license P588. Nearby established infrastructure includes the Talisman-operated Tartan platform 7 km (4.3 mi) to the north and Nexen’s Scott platform 11 km (6.8 mi) southeast.

Monsanto discovered Perth in 1983. Three appraisal wells and one side track have been completed on the field since, the latest drilled by Amerada Hess in 1997.

Crude tested from the field’s Claymore sands ranges in gravity from 29-32°API, flowing at rates of 1,000-6,000 b/d of oil with associated sour gas.

Faroe Petroleum is working with operator Deo Petroleum to address technical challenges relating to the development. It also plans to examine further exploration and appraisal opportunities on the license block, prior to a field development decision.

The 28% interest is being acquired from Nexen Petroleum U.K, pending approval from the UK Department of Energy and Climate Change.

Others in the license are Deo Petroleum, Maersk Oil, and Atlantic Petroleum.

01/13/2011

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