Faroe Petroleum's P1161 licence proves a bust

Faroe Petroleum is giving up the ghost on its P1161 licence (Freya and Fulla), west of Shetland, in which it has a half-share and is the operator.

Faroe Petroleum is giving up the ghost on its P1161 licence (Freya and Fulla), west of Shetland, in which it has a half-share and is the operator.

Analysis of the results from an exploration well (206/5a-3) drilled on the Fulla prospect back in July confirm relatively poor oil quality, smaller than expected resource size and limited access to infrastructure. No economically viable solution has been found to bring these discoveries to development at this time, and consequently the licence will be relinquished.

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