Spirit Energy is farming out 15% and Faroe Petroleum is farming out 5% in PL433 to PGNiG, pending completion, as announced on 5 February 2018 after Fogelberg appraisal well 6506/9-4 was spudded. The transaction follows DEA's exit from the licence with its 25% share being split pro-rata between Faroe and Spirit, also pending completion, and first announced on 20 June 2017. Fogelberg was discovered by 6506/9-2 (2010, Centrica, 4,805m) and is estimated to hold 8.7 MMbc and 260 Bcfg mean contingent recoverable resources in the Early-Mid Jurassic Ile Formation and Mid Jurassic Garn Formation. PL433 covers 79.5 sq km in Norwegian Sea blocks 6506/9 and 6506/12, 10km N of Asgard Field. It was awarded under APA2006, effective from 16 February 2007, and has been extended until 16 July 2019 when a Plan for Development and Operation (PDO) will be due. Development is expected to be via subsea connection to the Asgard B platform. Centrica and Bayerngas Norge merged E&P divisions to form Spirit Energy on 11 December 2017. Current PL433 participants are Spirit Energy Norge AS (50% + Op), Faroe Petroleum Norge AS (25%), and DEA Norge AS (25%). Upon conclusion of the deals, revised partners will be Spirit Energy (51.7% + Op), Faroe Petroleum (28.3%), and PGNiG (20%).
Spirit Energy is farming out 15% and Faroe Petroleum is farming out 5% in PL433 to PGNiG,