The Norwegian Petroleum Directorate has granted Faroe Petroleum Norge a drilling permit for well 31/7-1 A, in the North Sea offshore Norway.

The well 31/7-1 A will be drilled from the Transocean Arctic drilling rig in production licence (PL) 740.

Faroe recently made an oil and gas discovery in its operated Brasse exploration well in licence PL740 after which a decision was made to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts.

The drilling program for well 31/7-1 A relates to the drilling of an appraisal well.

Faroe Petroleum Norge is the operator with an ownership interest of 50 per cent and Core Energy is a licensee with 50 per cent. Core Energy was recently merged with two other HitecVision companies to create Point Resources.

The area in this licence consists of parts of blocks 31/7 and 30/9. Production licence 740 was awarded in APA 2013, February 7, 2014.