UK: Oil & Gas Exploration Faroe Petroleum Bags New Exploration Licence
The firm has been awarded a licence of Block 30/14b, which includes the high-impact Edinburgh prospect, under the licence round on the UK Continental Shelf.
London/UK – Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK, has recently announced that it has been awarded a new prospective exploration licence under the 30th Licence Round on the UK Continental Shelf.
Block 30/14b – Edinburgh – Faroe 100 % and Operator
The Edinburgh prospect straddles the UK/Norway border in the Central North Sea, at the south eastern end of the prolific Josephine Ridge area, south of the producing Blane field (Faroe 44.5 %) and adjacent to the producing Flyndre/Cawdor fields operated by Maersk. The structure is a large, tilted Mesozoic fault block, and is one of the largest remaining undrilled structures in the Central North Sea covering an area of over 40 square kilometres.
The prospective reservoirs in this new licence include the Triassic Skagerrak Formation and the Upper Jurassic Ula age-equivalent (Freshney and Fulmar) proven reservoir sandstones. The large Edinburgh prospect spans multiple licences in UK and Norwegian waters of the North Sea, and is also stratigraphically split across one licence. Faroe’s experience of partnering and operating in both the UK and Norway represents a distinct advantage in bringing the drilling of this highly exciting exploration prospect to fruition.
The licence work programme comprises a drill-or-drop well, pore pressure analysis and structural studies.