19th Oct 2018 11:50
LONDON (Alliance News) - Oil and gas company Faroe Petroleum PLC said Friday that drilling has commenced on the Rungne exploration well 30/6-30 in the Norwegian North Sea, in which Faroe holds a 40% working interest.
The well will target the Middle Jurassic Oseberg Formation, with secondary targets in the Etive and Ness formations.
The total expected vertical depth of the well is around 3,490 metres, in water depth of 119 metres. Drilling operations will be undertaken using the semi-submersible Transocean Arctic rig.
"This is a very active exploration period for Faroe. We have six exploration wells and one appraisal well committed to drill over the coming 12 months, and many more wells lining up for drilling thereafter. The first of these, the Agar/Plantain exploration well in the UK, is currently being drilled, and this will be followed by the Faroe-operated Brasse East well, to be drilled back to back with the Rungne well," said Chief Executive Officer Graham Stewart.
"These exploration wells are targeting a significant unrisked resource potential net to Faroe of 80-150 million barrels of oil equivalent. In addition, the appraisal well on the large Iris-Hades discovery, scheduled for H1 2019, has the potential to prove up very significant resources for the company," Stewart added.
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