Faroe Petroleum (LON:FPM) has acquired a 12.5% interest in the Darwin prospect in PL531 in the Norwegian Barents Sea.
The Darwin prospect is a high impact wildcat exploration well located on the Veslemøy High in the frontier western part of the Barents Sea.
The prospect is a large closure at multiple levels, which is contained within the PL531 licence and located approximately 60 to 80 kilometres to the south west of the recent Statoil Skrugard and Havis oil discoveries.
Multiple targets have been identified on 3D seismic. The first exploration well, expected to spud earliest end December 2012, will test the main Darwin prospect and will contribute towards further de-risking of the large upside potential in the remainder of the licence area.
Faroe said the acquisition of this share in PL531 was an important step towards its ambition of building a strategic position in the Barents Sea and builds on our two large existing licences in the Bjarmeland basin further to the East.
Faroe has agreed to carry Talisman Energy Norge AS’s retained 12.5 percent share of base well cost obligations in respect of the well, in return for a 12.5 percent share in the licence. Faroe’s costs in respect of this farm-in will be satisfied from existing cash resources.
The drilling operations will be operated by Repsol Exploration Norge AS (20 percent) using the Aker Barents semi-submersible drilling rig. The other joint venture partners are Talisman Energy Norge AS (25 percent, retained 12.5 percent), Marathon Oil Norge AS (10 percent), RWE Dea Norge AS (25 percent) and Concedo ASA (20 percent).
