Faroe Petroleum has agreed a farm-in deal on a UK Central North Sea prospect which is being drilled by Bow Valley close to the Nelson field area.
Faroe has agreed to take 10% equity in P1418 covering block 22/11b where Bow Valley is currently drilling on a Fulmar sands prospect.
Bow Valley’s exploration well kicked off on 19 August in a water depth of 90 m (295 ft) and 10 m (6.25 miles) from the Nelson field, targeting the Upper Jurassic Fulmar prospect on the flanks of the Central Graben.
Faroe Petroleum says the well is on the same trend as other discoveries, Wood in block 22/18, Howe in 22/12 and Oilexco’s Huntington discovery in 22/14 which is due to be tapped with the Glas Dowr FPSO.
“This is an attractive prospect with significant resource potential and moderate risk, offering a good fit with Faroe’s strategy of participating in a very active drilling programme in its core areas of the North Sea, Norway and the Atlantic Margin,” said Graham Stewart, chief executive of Faroe.
His company is currently involved in three other North Sea wells, a Topaz gas field appraisal, an exploration well on East Breagh, and the Marsvin exploration well offshore Norway. Additionally, the company has plans for participation in further wells including West Breagh, plus three in Norway, Hyme and Grosso, plus South East Tor.