Last news!!!!!!old news july 201016 Aug 2010 17:11
Faroe strikes at Maria
22 Jul, 2010 09:16
Text size: A A A
Faroe Petroleum gushed to a two-year high Thursday after finding more oil, this time with well 6406/3-8 T2 on the Maria prospect in the Norwegian Sea.
The explorer, which has a 30% interest in Maria, says preliminary analysis indicates volumes in place of 250-520 million barrels of oil (mmboe) with recoverable volumes currently estimated at 75-155 mmboe of oil and associated gas.
It's Faroe's second discovery in the Norwegian Sea this year, having struck lucky at its 15%-owned Fogelberg prospect in April.
The other equity holders in the licence are Wintershall Norge 25% (operator), Concedo 10%, Spring Energy Norway 15% and Centrica Resources (Norge) 20%.
"Maria is clearly material to Faroe, with net recoverable volumes to Faroe Petroleum estimated to be between 22 and 46mmboe," chief executive Graham Stewart said.
"The next three 2010 exploration wells in our programme after Maria will be drilled in the deep water Atlantic margin, and will all be targeting substantial oil prospects."
The Anne Marie well (12.5% interest) in the Faroe Islands is due to spud soon, followed by North Uist/Cardhu (6.25%) and Lagavulin (10%) in the UK operated by Eni, BP and Chevron respectively.
"All are very large prospects and in the case of success have the potential to be material in terms of adding additional shareholder value," according to Ambrian analyst Werner Riding.