Faroe pulling out of Shetland license

Offshore staff

ABERDEEN, UK – Faroe Petroleum plans to cease operations on the P1161 license (Freya and Fulla) west of Shetland, which it operates with a 50% interest.

In July 2011, the company drilled an exploration well (206/5a-3) on the Fulla prospect, encountering oil in the targeted Clair and Whiting reservoir sands.

Extensive modeling followed to establish the resource potential and determine an economic way forward for the development, in conjunction with the 1980 Freya discovery to the south in adjoining block 206/10a.

However, the results confirm relatively poor oil quality, smaller than expected reserves, and limited access to production infrastructure. With no economic solution evident, Faroe has opted to relinquish the license.

11/02/2012

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