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Approval of Plan for Development and Operation of Fenja field

Source: www.gulfoilandgas.com 4/10/2018, 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 the Norwegian Minister of Petroleum and Energy has approved the plan for the development and operation (‘PDO’) of the Fenja field.

The Fenja oil field is located 33 kilometres south west of the Njord production facility. The field will be developed with three oil producers, two water injectors and one gas injector which will be converted to a gas producer during the gas blow-down phase towards the end of field life.

The operator, VNG Norge AS, estimates that the field contains gross recoverable resources of 97 million barrels of oil equivalent, and is comprised predominantly of oil. Fenja is expected to come on stream in 2021 with a planned field life of 16 years.

In February 2018 Faroe Petroleum announced that it had executed a transaction with Suncor Energy Norge AS (“Suncor”) for the sale of a 17.5% working interest in the Fenja development for a cash consideration of $54.5m. The Fenja PDO approval is the principal condition precedent to completion of this transaction. Faroe retains a 7.5% working interest in the Fenja development.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“We are very pleased to announce approval of the development plan for the Fenja field. When Fenja comes on stream in 2021 it will contribute considerable cash flow and value to Faroe. Fenja is another prime example of Faroe’s successful exploration model which continues to deliver considerable success and value – most recently with the announcement last week of the significant Iris/Hades discoveries in the Norwegian Sea. The vast majority of Faroe’s 2P reserves and 2C contingent resources have been generated very cost-effectively through our outstanding exploration success. The recent monetisation of part of our Fenja equity to Suncor is testimony to the high quality and attractiveness of Fenja and our asset portfolio in general.

“Faroe now has the distinct advantage of being in a fully-funded position, with clear line of sight to deliver material organic production and value growth. We are continuing to pursue actively our significant exploration, appraisal and infill drilling programme with the aim of adding greater near term resource and value. Opportunities to accelerate further growth through potential value-accretive acquisitions and disposals also continue to be a key focus for the Company going forward.

“Aside from the encouraging Fogelberg appraisal results, announced separately today, the Company’s exploration programme continues apace over the coming months with three further committed exploration wells in Norway: the Rungne (Faroe-operated), Cassidy and Pabow wells.”

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