Monday, August 15, 2011
Faroe Petroleum plc
Faroe Petroleum announced that drilling has commenced on the Butch prospect (Faroe 15%) located in the Norwegian North Sea.
The Butch prospect (block 8/10) is situated in the Norwegian North Sea, some seven kilometers east of the Ula field, 10 kilometers north east of the Tambar field and some 20 kilometers north of the Gyda field. The prospect is a stratigraphic pinch-out trap resting on the side of a salt dome and the primary target is the upper Jurassic Ula Formation which is the producing reservoir in the Ula, Tambar and Gyda fields.
The drilling operation, to be undertaken by Centrica as operator using the Maersk Guardian drilling rig, is expected to be completed in 4Q 2011.
Licenses PL405 and 405BS containing the Butch prospect were awarded to the Company in the APA 2006 licensing round. The other equity holders in these licenses are Centrica 40% (operator), Suncor ASA 30%, Spring Energy Norway AS 15%. In March 2009 the Company assigned a 15% interest in these licenses to Spring Energy in return for a partial carry on the well.
Graham Stewart, Chief Executive of Faroe Petroleum, commented, "We are pleased to announce the spudding of the first of our three near term Norwegian exploration wells, part of our fully funded drilling program. The Butch prospect offers an exciting opportunity to test a good prospect in the Jurassic Ula Formation, which has proved so successful in the nearby Ula, Tambar and Gyda fields .
"Elsewhere in our portfolio, drilling is also ongoing on the Fulla prospect West of Shetland, which is our first operated well, and for which results are expected to be announced later this month."
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