Faroe Petroleum says drilling underway at Fogelberg prospect, Norway

Friday, Feb 12 2010 by

Faroe Petroleum says drilling underway at Fogelberg prospect, NorwayFaroe Petroleum Plc (LON:FPM), the oil and gas company operating in the Atlantic margin, the North Sea and Norway, announced today  that the drilling at the Fogelberg prospect has begun.

Faroe Petroleum holds a 15% interest in the Fogelberg prospect. The other partners are Centrica Resources (28%), Petro-Canada Norge (30%), E.ON Ruhrgas Norge (15%) and North Energy (12%).  Centrica resources will operate the prospect, using the West Aplha drilling rig. The board expects the drill to last approximately 80 days.

The Fogelberg prospect, which was identified as one of the company’s first licenses in Norway,  is located in the Norwegian Sea some ten kilometres to the north of the producing Asgard oil field. The report says that Fogelberg is the first of Faroe’s high-impact wells planned for 2010. Graham Stuart, CEO of Faroe, commented:

"We explore on a portfolio basis to balance risk and reward in our drilling programme. With the Fogelberg prospect in Norway we are very pleased to have commenced our 2010 programme with the first of five scheduled high impact wells. These wells follow our highly successful exploration programme which resulted in the significant discoveries of Glenlivet and Tornado in the UK Atlantic margin last autumn.  Fogelberg is the first of two wells we have scheduled for the Norwegian Sea this year. The second is the Wintershall operated Maria appraisal well (Faroe 30%) which is expected to commence in the second quarter."

Unlock this article instantly by logging into your account

Don’t have an account? Register for free and we’ll get out your way


As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested. ?>

Do you like this Post?
0 thumbs up
0 thumbs down
Share this post with friends

Faroe Petroleum plc is an oil and gas company. The Company is focused on exploration, appraisal and production opportunities in Norway and the United Kingdom. Its portfolio consists of approximately 60 exploration, appraisal, development and production licenses in the West of Shetland, the North Sea, Norwegian Sea, Barents Sea and the Celtic Sea. Its Aerosmith - PL644/PL644 B is located approximately 20 kilometers from the Morvin and Smorbukk Fields in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. The Bister Prospect is located in the Norwegian Sea in License PL348 C, which also contains the producing Hyme Field and the Snilehorn discovery, which are adjacent to the producing Njord Field. The Brage Field is located east of Oseberg in the northern part of the North Sea. The Butch Main discovery is situated in approximately 65 meters water depth in the Southern North Sea. The Gullaxy Prospect is situated to the north of the Butch discovery in the Central Graben. more »

LSE Price
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

  Is LON:FPM fundamentally strong or weak? Find out More »

1 Comment on this News show/hide all

Fangorn 22nd Jul '10 1 of 1

Faroe reveals Maria Oil discovery, Norway!


| Link | Share

Please subscribe to submit a comment

About Stockopedia News

Stockopedia News

Stockopedia News Bulletins aim to report on stories and companies that are relevant to and popular with online investors.  It's a free service provided to registered users of Stockopedia. 

Stock Picking Tutorial Centre

Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis