Courtesy of Jixie on PMG13 Jan 2011 09:23
************* Faroe RNS Today ***************************
13 January 2011
Faroe Petroleum plc ("Faroe Petroleum" or the "Company")
Acquisition of Undeveloped Perth Oil Field, UK Central North Sea
Faroe Petroleum, the independent oil and gas company focusing principally on
exploration, appraisal and production opportunities in the Atlantic margin, the
North Sea and Norway, is pleased to announce that it has acquired a 28% interest
in each of UK licences P218 and P588 containing the undeveloped Perth oil field.
The Perth field is located 185 kilometres north east of Aberdeen in block
15/21c, which together with 15/21b (residual area) forms licence P588. Water
depth at this location is approximately 130 metres and neighbouring
infrastructure includes the Tartan platform seven kilometres to the North and
the Scott platform 11 kilometres to the South East.
The Perth Field has remained undeveloped since its discovery by well 15/21a-7 in
1983, drilled by Monsanto. Three appraisal wells and one side-track have been
completed on the field, the latest of which was drilled by Hess in 1997. The
crude tested from the field's Claymore sands has ranged in gravity from 29 to
32°API and has flowed at rates between 1,000 and 6,000 barrels of oil per day
with associated sour gas.
Faroe Petroleum is working closely with the operator, Deo Petroleum to address
technical challenges relating to development of the Perth field, and will
investigate further exploration and appraisal opportunities on the licence
block, in advance of progressing to a field development decision.
Faroe Petroleum is acquiring this 28% interest from Nexen Petroleum U.K. Limited
and completion is subject to consent of the joint venture parties, the waiver of
pre-emption rights and U.K. Department of Energy and Climate Change approval.
The other joint venture parties in the licence are Deo Petroleum UK Limited
(operator, 42.08%), Maersk Oil UK Limited (19.13%) and Atlantic Petroleum UK
Limited (10.79%).
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