11th Sep 2015 06:28
LONDON (Alliance News) - Faroe Petroleum PLC Friday the operator of the Portrush exploration well in the Norwegian North Sea failed to to find any hydrocarbons.
Faroe has a 20% stake in the exploration well alongside operator AS Norske Shell, part of Royal Dutch Shell PLC, and other partners VNG Norge AS and Petoro AS.
The company said the well encountered its target in the Upper Jurassic reservoir rocks with a thickness of about 330 metres, and whilst 134 metres was reservoir sand of "variable quality", no hydrocarbons were encountered.
This well 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.
"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," said the company.
By Joshua Warner; [email protected]; @JoshAlliance
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