Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced the results of the Portrush exploration well 6407/10-5 (Faroe 20%).
The objective section in the Upper Jurassic reservoir rocks (the Rogn and Melke formations) was encountered with a thickness of about 330 m, and whilst 134 m was reservoir sand, of variable quality, no hydrocarbons were encountered.
Well 6407/10-5 was drilled to a vertical depth of 2850 m below sea level, and was terminated in the objective interval. The water depth at the site is 336 m. Once the data acquisition programme has been completed, the well will be permanently plugged and abandoned.
This well was the first exploration well to be drilled in production licence PL793, awarded in January 2015 (APA 2014) and is located in the Grimsan Basin, Haltenbanken, approximately 20 km south west of the Draugen field and less than 10 km south east of the Njord field.
The well was drilled ahead of schedule using the drilling facility Transocean Barents and operated by AS Norske Shell.
Graham Stewart, Chief Executive of Faroe Petroleum commented:
“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. Meanwhile drilling operations are continuing on the Pil/Bue follow-up programme targeting upside in the Boomerang and Blink wells; Pil and Bue were significant discoveries announced in 2014, located in the same licence.”
Adapted from a press release by Louise Mulhall