Faroe Petroleum - Agar/Plantain discovery
Faroe Petroleum has announced the results of the Agar/Plantain exploration/appraisal well in licence P1763 (Faroe has a 25% interest in Agar/Plantain and 12.5% in the wider licence). The well encountered 20m of gross hydrocarbon-bearing reservoir with high net to gross ratio. Operator Azinor Catalyst estimates gross recoverable resources at 15–50mmboe, a volume expected to be commercial given available infrastructure. Assuming the partial de-risking of Agar/Plantain at mid-case 32.5mmboe (down from our pre-drill estimate of 79mmboe) to a 70% chance of commercial success would leave our RENAV broadly unchanged, but provides validation of our approach of including risked value for Faroe’s exploration programme, which made up 32.6p/share of our 185.2p/share RENAV in our recent initiation.Faroe Petroleum plc is an oil and gas company. The Company is focused on exploration, appraisal and production opportunities in Norway and the United Kingdom. Its portfolio consists of approximately 60 exploration, appraisal, development and production licenses in the West of Shetland, the North Sea, Norwegian Sea, Barents Sea and the Celtic Sea. Its Aerosmith - PL644/PL644 B is located approximately 20 kilometers from the Morvin and Smorbukk Fields in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. The Bister Prospect is located in the Norwegian Sea in License PL348 C, which also contains the producing Hyme Field and the Snilehorn discovery, which are adjacent to the producing Njord Field. The Brage Field is located east of Oseberg in the northern part of the North Sea. The Butch Main discovery is situated in approximately 65 meters water depth in the Southern North Sea. The Gullaxy Prospect is situated to the north of the Butch discovery in the Central Graben.
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