Faroe Petroleum today confirmed it had kick-started its drilling campaign in the Norwegian Barents Sea.
The exploration firm is targeting its Kvalross exploration well, which is located south of OMV’s significant Wisting and Hanssen oil discoveries.
Chief executive: “We are very pleased to announce the spudding of the Kvalross well which is the first of three exploration wells in Faroe’s drilling programme for 2016 in Norway.
“This well will test two independent structures in a highly prospective area in the Norwegian Barents Sea. Kvalross is on trend with and just to the South of OMV’s significant Wisting and Hanssen discoveries and will use the same rig as was used to make the Pil and Bue discoveries last year.
“Faroe enters 2016 in robust financial health, with strong production, a solid cash position and largely un-utilised credit facilities, as we continue to evaluate the potential to take advantage of further good quality growth opportunities.”
It’s thought Kvalross prospect has significant oil and gas resource potential within Lower Triassic Klappmyss Formation clinoform reservoir and the Kvaltann prospect has additional oil potential within a Mid-Late Triassic Snadd Formation channel.
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