Aberdeen-headquartered Oil exploration firm Faroe Petroleum has confirmed the start-up of the Rungne exploration well in the Norwegian North Sea.
The Rungne prospect is found 18 miles north-west of Faroe’s Brasse field and immediately north of the Oseberg oil field.
Faroe announced plans to drill at the Rungne prospect earlier this year, which has an estimated 70 million barrels of oil equivalent.
Faroe Petroleum hold a 40% interest in the Runge project.
The firm said the well will “target the Middle Jurassic Oseberg Formation, with secondary targets in the Etive and Ness formations”.
Drilling operations will be undertaken using the semi-submersible Transocean Arctic rig.
The current joint venture partners in the PL825 licence are Faroe Petroleum (40% and operator), Lundin Norway AS (30%) and Spirit Energy (30%).
Graham Stewart, chief executive of Faroe Petroleum said: “I am pleased to announce the spudding of the Faroe-operated Rungne exploration well, a near field exploration target which provides us with significant upside potential in one of our core areas.
“The well is in close proximity to the Faroe-operated Brasse field and existing infrastructure, including the producing Equinor-operated Oseberg oil field.
“This is a very active exploration period for Faroe. We have six exploration wells and one appraisal well committed to drill over the coming 12 months, and many more wells lining up for drilling thereafter. The first of these, the Agar/Plantain exploration well in the UK, is currently being drilled, and this will be followed by the Faroe-operated Brasse East well, to be drilled back to back with the Rungne well.
“These exploration wells are targeting a significant unrisked resource potential net to Faroe of 80-150 mmboe. In addition, the appraisal well on the large Iris-Hades discovery, scheduled for H1 2019, has the potential to prove up very significant resources for the Company.”
Recommended for you
