Aberdeen-headquartered Faroe Petroleum has announced the Cassidy exploration well has come up with disappointing results.
Spirit Energy is 40% owner and operator of the Norwegian North Sea well in the Oda license, with Faroe holding a 15% working interest.
The Maersk Interceptor rig was booked to drill the Cassidy well but Faroe has announced today that no hydrocarbons have been found there.
The prospect was considered a potential tie-back to the nearby Oda field, which is due for first oil in the first half on next year.
It comes after another disappointment in Norway from Faroe last month with the Rungne well, however Faroe has stakes in two commercial discoveries made recently.
Azinor Catalyst last month announced it found up to 50million barrels of oil equivalent at the North Sea Agar-Plantain well, which Faroe has a 25% stake in.
Meanwhile OMV Norge found has in the Iris/Hades prospect in April, which Faroe has a 20% interest in.
Cassidy is now being plugged and abandoned as planned.
Faroe CEO Graham Stewart said: “”Whilst the result of the Cassidy well is disappointing, Faroe has maintained its above average exploration success rate in 2018 with two commercial discoveries out of four wells so far this year: Iris Hades in Norway (Faroe’s largest discovery to date); and Agar in the UK.
“We remain active over the coming months, with the Brasse East well currently drilling, and a further three exploration and appraisal wells so far committed for drilling in H1 2019”.
The news comes as Faroe shareholders are weighing up a takeover bid from rival firm DNO.
The result is expected in the new year.
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