Faroe Petroleum has kick-started drilling on its latest North Sea well.
The independent explorer commenced operations on its Brasse exploration well 31/7-1 in the Norwegian North Sea, which it has a 50% stake in.
The Brasse prospect is located immediately south of the producing Brage oil field (Faroe 14.3%) and, if successful, could be tied-back to the Brage facilities or alternatively to other nearby installations.
Chief executive Graham Stewart said: “I am pleased to announce the spudding of the Faroe-operated, Brasse exploration well located in close proximity to our producing Brage oil field. This is a near field exploration target which provides significant upside potential to Faroe, in one of our core areas. On a post-tax basis the well is expected to cost Faroe less than £2 million.”
The well will target the Jurassic aged sandstones in a four-way dip-closed structure with a total vertical depth of approximately 2,750 metres in the Early Jurassic Statfjord Formation.
The water depth at the site is 118 metres and the well will be drilled using the semi-submersible Transocean Arctic drilling rig. The co-venturer in the PL740 licence is Core Energy AS (50%).
Recommended for you
