The agreement is subject to approval from the Norwegian authorities, and Faroe will increase its interest from 20% to 40% in the license.
A well has been committed on the PL440S license, which will target the Clapton prospect and is expected to be drilled in late 2011 or early 2012.
The license co-venturers are Det norske oljeselskap (whose stake decreases from 30% to 10% and is current operator), Norwegian Energy (12%), Lundin (18%) and Dana (20%).
This APA license, awarded in 2006, is located in a prolific area close to the Ekofisk, Valhall and Eldfisk oil fields, which contain six to seven billion barrels of oil equivalent reserves.
The license is situated on the eastern edge of the Lindesnes Ridge, 25km away from Faroe’s PL006C South East Tor discovery.
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.
