Faroe spuds well in cradle of “giant oil fields”

Faroe Petroleum has spud its latest exploration well in the “prolific” Tampen area.

Chief executive Graham Stewart said: “We are pleased to announce the spudding of this near field exploration well in the very prolific Tampen area and surrounded by giant oil fields. Goanna represents a target in a very exciting new area for Faroe and the Company’s dry hole costs in the well are fully covered.

“Our rolling exploration programme continues with the Iris/Hades (Aerosmith) exploration well and Fogelberg appraisal well scheduled for the end of the year and the beginning of 2018, taking advantage of low drilling costs and Norwegian tax incentives.”

The Goanna licence is located in the northern part of the Norwegian North Sea, near the border with the UK and adjacent to the giant producing Statfjord and Snorre fields, which offer the potential for alternative export routes. The Goanna prospect straddles the border between PL 881 and PL 037, and the well will target a structural and stratigraphic prospect of Upper Jurassic Munin Formation sandstones.

Faroe’s associated costs of drilling this well will be fully carried by its joint venture partner up to the budgeted dry hole cost.

Faroe Petroleum is an independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin

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