Project Profile
Value: US$200 million
Start-up Year: 2014
Water Depth: 124m
Location: P1161, Blocks 206/5a and 206/10a
Licence P.1161 covering Blocks 206/5a, 10a is located approximately 10 kilometres to the north east of the producing Clair oil field and contains the Freya discovery and Fulla prospect. Freya was discovered in 1980 by well 206/10a-1, which encountered 475 feet of oil-bearing Devonian Clair reservoir sands. A drill-stem test was performed at the time of discovery but, similar to a number of the Clair appraisal wells, a valid oil sample was not obtained and the oil quality in Freya and Fulla therefore remains a key uncertainty. The nearby Clair oil field is producing at a rate of between 30,000 and 50,000 barrels of oil per day.
In December 2010 the company conditionally farmed-out the licence to Canadian Overseas Petroleum Limited, and the associated commitment to drill an exploration well on the Fulla prospect.
The Fulla prospect is situated along the same structural trend immediately to the north east of Freya, in relatively shallow water of 120 metres. The plan is to drill a vertical exploration well on the Fulla prospect in 2011.
Operators:
Faroe Petroleum: Operator with 50% interest
Canadian Overseas Petroleum Limited: 50% interest