Faroe Petroleum begins drilling operations at Tambar in Norway

LONDON -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced that drilling operations have commenced on the Tambar development project in the producing Tambar field in Norway (Faroe 45%).

Highlights

• The Tambar development project consists of two new infill wells and the installation of gas lift in three existing wells to increase overall field production
• The infill wells, which are being drilled by the Maersk Interceptor drilling rig, will target undrained areas of the field identified in the north and south with the potential to increase 2P reserves further
• The combination of the infill wells and installation of gas lift has the potential to increase Tambar production markedly and extend field life by up to 10 years, contributing to lower unit operating costs in the Ula hub area
• The gas produced by Tambar field will be transported to and reinjected into Ula field (Faroe 20%) as part of its successful ongoing Water Alternating Gas (WAG) injection scheme, which is expected to generate additional production over the life of Ula field

The Tambar and Tambar East unit fields are satellite fields, approximately 16 km to the southeast of Ula field located in the Norwegian North Sea. Tambar has been developed with an unmanned wellhead platform tied back to the Ula platform, with three existing wells in the Tambar reservoir and one existing well in Tambar East. The two fields are operated as one by Aker BP with the majority of the developed reserves found in Tambar field.