28th Aug 2018 11:45
LONDON (Alliance News) - Oil and gas company Faroe Petroleum PLC said on Tuesday the Plantain exploration well on the UK Continental Shelf spudded on Friday last week.
The well is expected to take in the range of 28 and 38 days to complete and will be drilled to a depth of 1,845 metres in true vertical depth.
The well will be followed by a contingent side-track to appraise the discovered Agar field. The total gross cost of well operations is estimated to be USD15 million.
Operator volumes in Agar and Plantain have been estimated by operator Azinor Catalyst Ltd to have a combined mid-case prospective resource of 60 million barrels of oil equivalent, with an upside case of 98 million barrels.
"We are pleased to announce the spudding of the Plantain exploration well which is the first in a sequence of seven committed wells in Faroe's current exploration and appraisal programme. The next prospect is the Faroe-operated Rungne exploration well due to spud in September, located in Faroe's core area of the Norwegian North Sea," said Chief Executive Graham Stewart.
In addition, Faroe Petroleum said DNO ASA has withdrawn its notice requisitioning a general meeting, aiming to appoint its own chosen directors to Faroe's board.
Earlier in August DNO put forward the requisition, looking to appoint its Executive Chairman Bijan Mossavar-Rahmani and Managing Director Bjorn Dale to Faroe's board.
Shares in Faroe Petroleum were down 1.3% at 150.80 pence on Tuesday.
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Faroe Petroleum Plc