Earlier this month, Faroe was approved by the Norwegian authorities and its license partners as the operator of license PL440S where the Clapton exploration well has been committed.
Faroe Petroleum has increased its stake in license PL440S from 20% to 40%, the remaining co-venturers being Det norske oljeselskap (whose stake has decreased from 30% to 10%), Norwegian Energy Company (12%), Lundin (18%) and Dana (20%).
The Clapton prospect is formed on the edge of a salt induced structure referred to as the Mode Dome which was previously explored in the 1980s.
The main targets in the structure are the Upper Cretaceous Hod, Tor and Ekofisk formations, which is a proven reservoir in the Central Graben both in Norway and UK.
Faroe Petroleum recently raised £60m net through a placing of new shares, which ensures that the company is well funded to take forward its exploration program including the Clapton well.
