Scotland business

Faroe Petroleum abandons T-Rex and Bolan oil prospects

oil rigs
Image caption The T-Rex and Bolan prospects will now be plugged and abandoned

Oil and gas explorer Faroe Petroleum has failed to discover commercial oil in both the T-Rex and Bolan exploration prospects in the Norwegian Sea.

The well, which will now be plugged and abandoned, was close to fields where oil was discovered in 2010.

The drilling was carried out by Maersk Oil, which had a 70% interest in the operation.

In January, Aberdeen-based Faroe won seven prospective exploration licences on the Norwegian continental shelf.

Graham Stewart, chief executive of Faroe Petroleum, said: 'We are pleased to announce the presence of oil on both the T-Rex and the Bolan prospects, but are disappointed the reservoir intervals were not as thick as we had hoped for at this target location.

"The well does, however, provide very important new data and information which will allow further evaluation and de-risking of this exciting exploration province in which Faroe has a number of licences."

Faroe will now move on with its 2012 exploration campaign.

In the second quarter, Faroe and its partners will drill an exploration well on the North Uist prospect, west of the Shetlands, while two other wells will target the Clapton and Cooper prospects in Norway.

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