Mar. 2012 - Faroe Petroleum has discovered oil in both the T-Rex and Bolan exploration prospects in the Norwegian sector of the North Sea, but not in commercial quantities. The 6406/3-9 well, reached a total depth of 13,725 feet (4,183 meters) within shales of the Lange Formation. The well targeted Lower Cretaceous sandstones of the Lange formation (T-Rex) and Lysing formation (Bolan). T-Rex was the primary target and preliminary results based on extensive coring, wireline logs and pressure data have confirmed the presence of oil, but in a thinner than expected reservoir interval, and the well will therefore not be production tested. Fluid samples were successfully recovered in T-Rex. The quality of the oil was in line with fluids seen in the original discovery well 6506/11-2 (drilled by Statoil in 1991). The Bolan prospect in the shallower Lysing formation also encountered an oil column within an inter-bedded sandstone package. A similar extensive data gathering program was performed on the Bolan prospect as with T-Rex. Additional evaluation is required in order to delineate the areal extent of the oil bearing layers, before any decisions in terms of a further appraisal program can be made.

Nov. 2011 - Maersk Oil has commenced exploratory drilling on the T-Rex prospect in the Norwegian sector of the North Sea. The main targets of the 6406/3-9 well are lower Cretaceous sandstones of the Lange and Lysing formation, which have been tested and flowed oil in thin sand intervals in well 6506/11-2, drilled by Statoil in 1991, at the edge of the prospect. The sands are expected to improve in thickness and properties down-dip over the T-Rex prospect. The operator is using the Transocean Winner semisub to drill the well. Maersk Oil (operator, 70 percent) and Faroe Petroleum (30 percent) are partners in the license.

Aug. 2009 - Faroe Petroleum announced it entered into the second phase of the exploration work program in two Norwegian licenses and has subsequently committed to drill two wells: T-Rex (Faroe 30%) and Butch (Faroe 15%). The T-Rex well will appraise an existing discovery in the Lower Cretaceous zone located between the Smorbukk and Smorbukk Sor fields in the Norwegian Sea. The Butch well in PL405 and PL405B will drill a prospect, located on the margins of the prolific Central Graben.