ABERDEEN, UK -- Faroe Petroleum has farmed out 50% of a license west of Shetland to Canadian Overseas Petroleum.
Licence P.1161 covers blocks 206/5a and 10a. The location is 10 km (6.2 mi) northeast of the BP-operated Clair oil field, and contains the Freya oil discovery and the Fulla prospect.
Freya was discovered in 1980 by well 206/10a-1, which encountered oil in Devonian Clair reservoir sands. However, a drillstem test at the time did not flow oil to surface, therefore the oil quality in Freya (and in Fulla) is unclear.
Fulla prospect is on the same structural trend just to the northeast of Freya, in a water of depth of less than 150 m (492 ft). The partners plan to drill an exploration well on the prospect in 2011.
Faroe lines up well on Fulla
Faroe Petroleum has farmed out 50% of a license west of Shetland to Canadian Overseas Petroleum.