Wednesday 31 October 2018

The Norwegian Petroleum Directorate has granted Faroe Petroleum Norge AS a drilling permit for well 31/7-3 S, cf. Section 15 of the Resource Management Regulations.

Well 31/7-3 S will be drilled from the Transocean Arctic drilling facility in position 60°26'42.63" north and 3°3'13.81" east after concluding the drilling of wildcat well 30/6-30 for Faroe Petroleum Norge AS in production licence 825.

The drilling programme for well 31/7-3 S relates to the drilling of an appraisal well in production licence 740. Faroe Petroleum Norge AS is the operator with an ownership interest of 50 per cent. The other licensee is Point Resources AS (50 per cent). The area in this licence consists of part of blocks 31/7 and 30/9. The well will be drilled about 10 kilometres south of the Brage field.

Production licence 740 was awarded on 7 February 2014 (APA 2013). This is the fifth well to be drilled in the licence.

The permit is contingent on the operator securing all other permits and consents required by other authorities prior to commencing the drilling activity.