Faroe farms into UK block 22/11b

Faroe Petroleum has agreed to farm-in a 10% interest in UK block 22/11b from Bow Valley Petroleum (UK) by participating in the drilling of well 22/11b-13.

Offshore staff

LONDON -- Faroe Petroleum has agreed to farm-in a 10% interest in UK block 22/11b from Bow Valley Petroleum (UK) by participating in the drilling of well 22/11b-13. Block 22/11b, awarded to Bow Valley in 2007, contains the Fulmar prospect.

The 22/11b-13 well will target an Upper Jurassic Fulmar sand prospect, a play which has been recognized on the flanks of the Central Graben, where good quality sands have been deposited after erosion from neighboring high areas, the company says.

The prospect lies on trend with a number of discoveries with good quality Fulmar reservoir, including the Wood (block 22/18), Howe (block 22/12), Huntington (block 22/14), and most recently Talisman's Cayley. Considerable further upside has also been identified on the license. Drilling began on the well on Aug. 19.

The well, located in 90-m (295-ft) water depth, is being drilled in an area close to significant oil infrastructure, approximately 10 km (6 mi) from the Nelson field and 18 km (11 mi) from the Montrose field. The semisubmersibleTransocean Prospect will be employed under a drilling management arrangement with AGR.

09/10/2008

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