abce certificate
Tuesday, 14 October, 2008, 16:20 GMT | more prices >>

Faroe takes South East Tor slice



By Upstream staff 

Norwegian player Noreco is set to farm out 10% of its stake in the South East Tor discovery to Faroe Petroleum.

Faroe will earn the stake by carrying Nkr140 million ($27.8 million) Noreco's costs. After the farm down, Noreco's interest in the licences - PL006C and PL006D - will be 15%.

Two wells will be drilled on the licences by the operator Lundin towards the end of this year.

South East Tor has net contingent resources of 2.4 million barrels of oil equivalent, Noreco said in a statement.


Monday, 14 April, 2008, 12:05 GMT  | last updated: Monday, 14 April, 2008, 12:05 GMT

e-mail this article to a colleague


to email:  from:
comments: