Faroe Petroleum has been awarded a new prospective exploration licence, Block 30/14b, under the 30th Licence Round on the UK Continental Shelf that contains the high-impact Edinburgh prospect.
The large Edinburgh prospect spans multiple licences in UK and Norwegian waters of the North Sea, and is also stratigraphically split across one licence.
The licence work programme comprises a drill-or-drop well, pore pressure analysis and structural studies.
Graham Stewart, Chief Executive of Faroe Petroleum, commented: “We are pleased to announce the award of Block 30/14b which contains the high-impact Edinburgh prospect. This award is significant in that it is our first new licence in the UKCS since 2014 and leverages Faroe’s considerable knowledge and technical expertise gained over many years of activity in both UK and Norwegian waters in order to access attractive cross-border opportunities such as Edinburgh."
The Edinburgh prospect straddles the UK/Norway border in the Central North Sea, at the south eastern end of the prolific Josephine Ridge area, south of the producing Blane field (Faroe 44.5 per cent) and adjacent to the producing Flyndre/Cawdor fields operated by Maersk.
It is one of the largest remaining undrilled structures in the Central North Sea covering an area of over 40 square kilometres. The prospective reservoirs in this new licence include the Triassic Skagerrak Formation and the Upper Jurassic Ula age-equivalent (Freshney and Fulmar) proven reservoir sandstones.
Stewart added: "“Faroe is targeting multiple potential new discoveries with a significant exploration and appraisal programme of six wells committed in 2018 alone, taking full advantage of current low rig rates."