3rd Feb 2014 10:55
LONDON (Alliance News) - Faroe Petroleum PLC Monday said it has started test production at its 20% owned Solberg appraisal well 6407/1-7.
The oil and gas exploration and development company with operations in Norway, the Atlantic margin and the North Sea, said the well will assess the lateral extent of the company's Rodriguez discovery, announced in January.
The sites operators gross unrisked preliminary volumetric estimates of the size of the Rodriguez discovery were stated to be between 19 and 126 million barrels of recoverable oil equivalent.
Faroe said the Solberg prospect is located in the APA 2007 licence PL475 on the Halten terrace in the Norwegian Sea.
The Solberg licence drilling operations are operated by Wintershall Norge AS who have a 35% ownership, with partners Centrica Resources Norge AS holding 20%, Moeco Oil & Gas Norge AS holding 15% and Spike Exploration Holdings AS holding 10%.
Faroe Petroleum shares were down 0.9% to 110.00 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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