On 14 August 2018 Faroe Petroleum announced that it has agreed to acquire a 50% stake from AziNor Catalyst in the planned Plantain / Agar exploration and appraisal sidetrack well. The 50% in the well corresponds to Faroe picking up a 12.5% interest in licence P1763. The differing interests between the well and the licence interest is due to licence operator, Apache (50%), not participating in the drilling operations. The deal completed on 2 October 2018.  The well is scheduled to spud in late August 2018 / early September 2018 with the company using the âTransocean Leaderâ rig. The plan is to target the Plantain Eocene oil prospect and then drill a sidetrack into the Agar oil discovery. Both Agar and Plantain follow on from the analogous Frosk oil discovery which was made by AkerBP in Norway earlier in 2018. AziNor estimate a mid-case resource of 60 MMboe (98 MMboe upside) for Agar and Plantain.   Following completion of the deal interest in P1763 is held by Apache Beryl Limited (50% + operator), Cairn subsidiary, Nautical Petroleum Limited (25%), AziNor Catalyst Limited (12.5%) and Faroe Petroleum (12.5%).
Faroe Petroleum announced that it has agreed to acquire a 50% stake from AziNor Catalyst in the planned Plantain / Agar exploration and appraisal sidetrack well. The 50% in the well corresponds to Faroe picking up a 12.5% interest in licence P1763. 