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Agar/Plantain - P1763

The Plantain exploration prospect will be drilled first followed by a contingent side-track to appraise the Agar oil discovery.

Agar/Plantain

Agar/Plantain - P1763

Area Equity Partners Blocks
South Viking Graben 25% equity Azinor Catalyst (25% and operator)
Cairn Energy (50%)*
9/9d, 9/14a

Plantain is an Eocene oil prospect which follows on from the original Agar oil discovery made in 2014 (9/14a-15A) and the analogous Frosk oil discovery (24/9-12 S) made in Norway by AkerBP earlier this year. Operator volumes in Agar and Plantain have been estimated by Azinor Catalyst at a combined mid-case resource of 60 million barrels of oil equivalent, with an upside case of 98 million barrels of oil equivalent.

Drilling on Agar Plantain commenced in August 2018 using the Transocean Leader at a total estimated gross cost of US$15 million. Faroe joins Catalyst (25.0% and operator) and Cairn Energy plc (50.0%) in these sole-risk operations, the results of which will be announced on completion of drilling operations. Faroe will also become a 12.5% equity interest holder in the wider P1763 Licence (Apache 50.0% and operator, Cairn 25.0%, Catalyst 12.5%).

*equity interest in the sole risk operations, greater P1763 Faroe equity 12.5%