Faroe Petroleum Buys Remaining Share in Lowlander Field, UK

 Faroe Petroleum, the independent oil and gas company, announces that it has acquired the remaining 50 per cent interest in the Lowlander oil discovery in the UK Central North Sea, such that the Company will own the entire 100 per cent interest in the undeveloped oil field.



The Company has entered into an agreement with North Sea Ventures Limited to acquire its 50% interest in UK Licence P.324, block 14/20c containing the Lowlander oil discovery. This acquisition follows completion of Faroe’s purchase of the initial 50% interest in the Lowlander discovery, acquired from Talisman Sinopec in February 2013.

Faroe has acquired Lowlander with the intention of bringing it forward to development together with the neighbouring Perth Field (Faroe 34.62%), as a joint project sharing the same production facilities and thereby benefiting from economies of scale. Perth and Lowlander have been fully appraised, with a combined total of nine wells drilled on the fields. Together the fields are estimated to contain Stock Tank Oil In Place of 270 million barrels, with 62 million barrels of oil estimated to be recoverable, of which 22 million barrels is attributable to Lowlander. In addition there is the potential that the production facilities for a joint field development could serve as a hub for a number of other analogous accumulations already discovered in the area.

The Company intends to continue the technical work programme focused on optimising the development solution for the fields and reaching commercial agreement for a joint development.

The acquisition is subject to approval by the Department of Energy and Climate Change.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

“Faroe is building an exciting core area around Perth and Lowlander in the Central North Sea and work is underway together with our Perth partners to progress the potential high value Perth/Lowlander joint development project.

“In Norway, Faroe is now drilling the second well in itscurrent six well exploration campaign. This is an exciting time for Faroe having recently announced a significant discovery on the first of these wells, Snilehorn. With an extensive, focused portfolio of assets and material equity stakes spanningthe prolific North Sea, Norwegian Sea and Barents Sea in Norway, we have the real potential to generate considerable shareholder value in the near term.”

Press Release, November 14, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply