Faroe Petroleum will plug and abandon a well after it came up dry.
The company said the Portrush exploration well encountered no hydrocarbons in well 6407/10-5.
The well was drilled to a vertical depth of 2,850 metres below sea level and was terminated in the objective interval.
It was the first exploration well to be drilled in production licence PL793, awarded in January 2015 and is located in the Grimsan Basin, Haltenbanken, approximately 20 kilometres south west of the Draugen field and less than 10 kilometres south east of the Njord field.
Graham Stewart, chief executive of Faroe Petroleum, said: “Whilst the results of this well are disappointing, we were fortunate in that we have been able to take advantage of reduced rig rates and associated drilling costs, which coupled with the Norwegian tax rebate system, realised a significantly lower well cost, net to Faroe.
“Meanwhile drilling operations are continuing on the Pil/Bue follow-up programme targeting upside in the Boomerang and Blink wells; Pil and Bue were significant discoveries announced in 2014, located in the same licence.”
