Jun. 2012 - Faroe Petroleum will plug and abandon the Clapton exploratory well 2/8-18S on Production License 440S in the Norwegian sector of the North Sea. The well found hydrocarbons in chalks of the Shetland Group and also encountered reservoir rocks, but the reservoir properties were poorer than expected. Reaching a vertical depth of 8,593 feet (2,619 meters) by the Maersk Guardian (350’ ILC) jackup, the well is a dry hole.

May. 2012 - Faroe Petroleum has commenced drilling at the Clapton prospect in the Norwegian sector of the North Sea. Clapton is a chalk prospect on the flanks of the salt induced Mode Dome. The well will target the Ekofisk, Tor and Hod formations, which are the main producing reservoirs in the neighboring fields. The well is being drilled using the Maersk Guardian (350' ILC) jackup.

Mar. 2012 - The Norwegian Petroleum Directorate has granted Faroe Petroleum a drilling permit for wellbore 2/8-18. The well will be drilled from the Maersk Guardian (350’ ILC) jackup in Production License 440 S. Well 2/8-18 S is the first exploration well to be drilled in the production license.

Nov. 2010 - Faroe Petroleum has secured a contract for the use of the Maersk Guardian jackup to drill the Clapton prospect in late 2011 or early 2012. Faroe has received approval from the Norwegian authorities and its license partners to serve as the operator of license PL 440S where the Clapton exploration well has been committed, stated the company in a press release. The company has increased its stake in the license from 20% to 40%, with the remaining co-ventures being Det norske, decreasing its stake from 30% to 10%, Norwegian Energy Company (12%), Lundin (18%), and Dana (20%). Awarded in 2006, this license is located in a prolific area nearby existing oil fields, Ekofisk, Valhall and Eldfisk, containing 6 to 7 billion boe reserves. The Clapton prospect is formed on the edge of a salt induced structure referred to as the Mode Dome, previously explored in the 1980s. The main targets in the structure are the Upper Cretaceous Hod, Tor and Ekofisk formation, a proven reservoir in the Central Graben. The reservoir contains good flow properties through the matrix, as well as secondary fracture network development, according to Faroe.

Aug. 2010 - Faroe Petroleum will increase its interest from 20% to 40% and obtain operatorship of Norwegian License PL 440S. A well has been committed on the license, targeting the Clapton prospect. Drilling is expected to start in late 2011 or early 2012. Awarded in 2006, this license is located in a prolific area nearby existing oil fields, Ekofisk, Valhall and Eldfisk, containing 6 to 7 billion boe reserves. The Clapton prospect is formed on the edge of a salt induced structure referred to as the Mode Dome, previously explored in the 1980s. The main targets in the structure are the Upper Cretaceous Hod, Tor and Ekofisk formation, a proven reservoir in the Central Graben. The reservoir contains good flow properties through the matrix, as well as secondary fracture network development, according to Faroe. Other partners in the license are Det norske (10%), Norwegian Energy Company (12%), Lundin (18%), and Dana (20%).