Faroe Petroleum’s Blink well failed make the strong returns, posting a “disappointing” end for the firm’s exploration campaign.
The well, which was drilled in the Norwegian Sea, was drilled to 3,710m below sea level but failed to return any hydrocarbons.
Graham Stewart, chief executive of Faroe Petroleum, said: “Whilst the results of the Blink well, the last in this year’s campaign, are disappointing we look forward to advancing the options for monetising the significant combined Pil, Bue and Boomerang discoveries, on which the Blink well result has no bearing.”
“The company continues to perform very well despite continuing low oil prices, with low operating costs, a good cash position and strong production rates. Faroe’s consistent strategic focus and prudent approach to financial management have ensured that we have a strong balance sheet and are well placed to progress our portfolio work programme and take advantage of further good quality emerging opportunities.”
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