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Faroe Petroleum has a substantial portfolio of exploration, appraisal and development assets across the Atlantic Margin, the UK and Norwegian North Sea and the Norwegian Sea.
Faroe Petroleum joint venture partners include BP, Chevron, ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, Oilexco, OMV, RWE, Shell and Statoil all of which...
Faroe Petroleum shares advance as drilling starts on Butch prospectAugust 15 2011, 11:36am
Faroe Petroleum (LON:FPM) shares advanced 6 per cent today as it confirmed that drilling is now underway on the Butch prospect in the Norwegian North Sea.
The AIM-listed explorer has a 15 per cent stake in the well, which is being drilled by Centrica (LON:CNA). The exploration well is targeting a ‘stratigraphic pinch-out trap’, which has a producing reservoir in the nearby Ula, Tambar and Gyda fields.
"We are pleased to announce the spudding of the first of our three near term Norwegian exploration wells, part of our fully funded drilling programme,” said chief executive Graham Stewart.
“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."
Centrica has a 40 per cent stake in the licences that host the Butch prospect, while the remaining equity is split between Suncor ASA and Spring Energy Norway, holding 30 and 15 percent respectively.