Faroe begins drilling Fulla prospect West of Shetland

By Phaedra Friend Troy

Oil and gas independent Faroe Petroleum (LSE:FPM) has begun drilling the Fulla exploration prospect West of Shetland in the Atlantic Margin.

Situated northeast of the producing Clair oil field in waters measuring 120 meters deep, the Alwilco Drilling semisubmersible WilPhoenix is targeting oil-bearing Devonian Clair reservoir sands at a depth of 2,100 meters with the Fulla well.

Fulla drilling operations are expected to be completed during the summer drilling window.

The Fulla oil prospect is located on UK License P.1161, which also contains the Freya oil discovery. Freya was drilled in 1980 by Mobil, encountering 140 meters of oil-bearing Devonian Clair reservoir sands.

Nearby, the BP-operated (NYSE:BP) Clair oil field has been successfully developed via horizontal drilling. An extended well test in 1997 led to a development sanction on Clair, which is now under phased development. Clair achieved first oil in 2005 and has since produced more than 75 million barrels of oil with a current rate of 40,000 barrels of oil a day.

The successes at Clair and Freya have de-risked the prospectivity of the Fulla target. Should Fulla emerge as a success, Faroe Petroleum will likely develop the Fulla and Freya fields together as a standalone project.

Faroe Petroleum is the operator of the P.1161 license with 50 percent interest. Canadian Overseas Petroleum Limited (COPL) holds the remaining 50 percent.

After drilling at the Fulla prospect is complete, Faroe Petroleum plans to drill in its Norwegian acreage at the Butch, T-Rex and Kalvklumpen prospects in the third and fourth quarters of 2011.

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