Faroe Petroleum Commences Tambar Infill Drilling Programme

Source: www.gulfoilandgas.com 10/25/2017, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that drilling operations have commenced on the Tambar development project in the producing Tambar field in Norway (Faroe 45%).

Highlights

- The Tambar development project consists of two new infill wells and the installation of gas lift in three existing wells to increase overall field production
- The infill wells, which are being drilled by the Maersk Interceptor drilling rig, will target undrained areas of the field identified in the north and south with the potential to increase 2P reserves further
- The combination of the infill wells and installation of gas lift has the potential to increase Tambar production markedly and extend field life by up to 10 years, contributing to lower unit operating costs in the Ula hub area
- The gas produced by the Tambar field will be transported to and reinjected into the Ula field (Faroe 20%) as part of its successful ongoing Water Alternating Gas (‘WAG’) injection scheme, which is expected to generate additional production over the life of the Ula field.

The Tambar and Tambar East Unit Fields are satellite fields, approximately 16 kilometres to the southeast of the Ula field located in the Norwegian North Sea. Tambar has been developed with an unmanned wellhead platform tied back to the Ula Platform, with three existing wells in the Tambar reservoir and one existing well in Tambar East. The two fields are operated as one by Aker BP with the majority of the developed reserves found in the Tambar Field.

Graham, Stewart, CEO of Faroe Petroleum, said:

“I am pleased to announce the commencement of the high impact work programme on the Tambar field. The joint venture sanctioned the project in April this year and it has been a great achievement by the operator to mobilise the rig and commence drilling operations within such a short space of time.

“Drilling operations are now expected to continue to the end of Q1 next year, and it is hoped that the two new wells will be brought on stream before the end of April 2018.

“The significance of this work programme is not only the impact on reserves and production but it also shows our ability to drive value and upside potential from the existing portfolio. I look forward to updating shareholders on the progress at Tambar and on the commencement of our next exploration well, later in 2017, with the high impact Iris/Hades (Aerosmith) exploration well (Faroe 20%) expected to spud before the end of the year.”


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