Faroe Petroleum to drill first well in PL 825, offshore Norway

STAVANGER -- The Norwegian Petroleum Directorate (NPD) has granted Faroe Petroleum Norge AS a drilling permit for well 30/6-30, cf. Section 15 of the Resource Management Regulations.

Well 30/6-30 will be drilled from the Transocean Arctic drilling facility in position 60°43'6.71"N and 2°44'3.43"E after concluding the drilling of wildcat well 35/11-21 A for Wellesley Petroleum AS in production license 248 I.

The drilling program for well 30/6-30 relates to the drilling of a wildcat well in production license 825. Faroe Petroleum Norge AS is the operator with an ownership interest of 40%. The other licensees are Lundin Norway AS (30%) and Spirit Energy Norge AS (30%). The area in this license consists of the northern part of block 30/6 and the southern part of block 30/3. The well will be drilled about 7 km north of Oseberg field.

Production license 825 was awarded on Feb. 15, 2016 (APA 2015). This is the first well to be drilled in the license.

The permit is contingent on the operator securing all other permits and consents required by other authorities prior to commencing the drilling activity.