Faroe Petroleum has spud its first exploration well of the year.
The firm spud the Boné prospect, which was previously named Dazzler. It’s located in the western part of the Norwegian Barents Sea in a similar structural setting to the Johan Castberg discovery.
The Boné well is being drilled using the Scarabeo 8 drilling rig and the results will be announced when drilling operations are complete.
The firm also said it had decided to drill its first appraisal well on the Brasse discovery.
Chief executive Graham Stewart said: “We are very pleased to announce the spudding of Boné, our first exploration well in 2017, located 90 kilometres to the northwest of the Johan Castberg discovery. This high impact well will test a large horst structure with very significant volume potential.
“We are also pleased to announce the forthcoming appraisal well on the Brasse licence which will serve to mature this discovery towards development. Together with Point Resources we are progressing feasibility studies which will be ongoing in parallel with the appraisal project.
“2017 will be another significant year for Faroe. We have a very full programme ahead of us in our core areas including exploration, appraisal, infill drilling and early stage development activity. Coupled with our strong production profile, solid cash position and recently increased and substantially undrawn debt facilities, we look forward to another period of growth across the business.”
The Brasse discovery is located within tie-back distance to existing infrastructure. It is 13 kilometres to the south of the Brage field platform, which Faroe has a 14.3% interest in.
Faroe announced the Brasse oil and gas discovery in PL740 in July 2016.
Total gross volumes of recoverable hydrocarbons have been estimated by the Company to be 28-54 mmbbls of oil and 89-158 bcf of gas.
The wells help confirm the recoverable figures.
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