Faroe Petroleum, the independent oil and gas company focusing principally on exploration in the Atlantic Margin, the North Sea and Norway, announces that drilling has commenced on the Norwegian Licence PL289, well 3/7-7 (Faroe 14%), which holds the significant Marsvin oil prospect.
The Licence is located in water depths of around 65 metres in southern Norwegian waters on the border with Denmark and in close proximity to Norwegian Licence PL147 which contains the Trym gas / condensate field (Faroe 10%), which is progressing towards near term development. The Marsvin target is a substantial Upper Jurassic oil prospect, located on the south west flank of the Søgne Graben, straddling the border between Norway and Denmark. The Joint Venture Partners in this Norwegian licence are DONG (40% and operator), Talisman (30%) and GDF Suez (16% interest).
The drilling operation, using the Maersk Guardian jack-up rig, is expected to take around 80 days.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"Marsvin is a further exciting prospect with significant resource potential, which brings to three the number of North Sea wells we are currently drilling. In addition to Marsvin we are currently drilling the Topaz gas field appraisal well and the East Breagh exploration well, both in the UK southern North Sea. The West Breagh appraisal well is programmed to start drilling in mid September and three further wells are scheduled to be drilled later in the year in Norway: the Hyme exploration well; the South East Tor oil appraisal well; and the Grosso exploration well. We look forward to updating the market as we progress with our fully funded, drilling programme of over 20 wells which has excellent potential to add significant shareholder value.”
