Earlier this year the partners drilled two wells in an attempt to prove extensions of the main Butch field. However, both were dry holes.
Options for the development are subsea tiebacks to either the Ula field or Gyda field complexes, or a standalone development with a lease contract for a jackup rig. The partners are aiming for concept selection early next year followed by submission of a field development plan in early 2016.
In the UK central North Sea, Faroe and its partners recently entered into a heads of agreement for the Perth and Lowlander fields that addresses ownership alignment, a joint work program, and joint financing activity.
The current plan is for the fields to share the same dedicated production facilities, creating the economies of scale that would allow a development to proceed and provide a long-term hub for other projects in the area.
Both fields are fully appraised, with a total of 11 wells drilled and estimated recoverable resources of 80 MMbbl of oil.