Global Leader in International Oil and Gas Industry News

posted in:

Faroe Petroleum announces results of Spaniards exploration well

Wednesday, Nov 07, 2012

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces the results of the Spaniards East exploration well (Faroe 8.4% - free carried).

The Spaniards East well was drilled in UK block 15/21, reached a total depth of 10,694 feet and encountered 75 feet of Jurassic sands which were water wet. The well is now being plugged and abandoned.

The drilling operations were undertaken by Premier Oil as operator.

Faroe Petroleum had a free-carried interest of 8.4% in the well (carried by Premier, Cairn and Serica) and was not required to make any cash contribution to the dry-hole cost of this well.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

“Although the Spaniards East well carried a reasonably high level of risk, we agreed to participate, given the upside potential in the event of success, and the fact the well was drilled at no cost to Faroe Petroleum.”

“The paying partners approached Faroe, as part of the Perth group, to drill the Spaniards East prospect on a Faroe held licence located close to the undeveloped Perth oil field (Faroe 33.4%). Although the well was unsuccessful, the partnership has gained useful data from the well, which will further our regional knowledge”.

“In the meantime, Faroe will be participating in a very active ongoing drilling programme in 2013 and we also await the results from the BP operated North Uist exploration well, west of Shetland.”

Source: Faroe Petroleum plc

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

AVEVA provides Integrated Engineering & Design solutions to TOTAL E&P Nigeria Limited 18-04-2014
Oando Energy Resources increases deposit for acquisition of Nigerian Upstream Oil and Gas Business of ConocoPhillips 18-04-2014
Linde will be exclusive hydrogen supplier for the Shell Eco-marathon in Houston 18-04-2014
Technip wins Umbilical contract for Kaombo project in Angola 18-04-2014
Forest Oil announces first quarter 2014 earnings release date and teleconference 18-04-2014
Saipem announces awarded FPSO contracts in Angola worth more than $4 billion 18-04-2014
Endeavour announces settlement of SM Energy litigation 18-04-2014
Drilling and production update 18-04-2014
Shell announces Malaysia deep-water gas discovery 18-04-2014
Meeting between the Ukrainian Minister of Energy, Yuri Prodan, and Eni's CEO Paolo Scaroni 18-04-2014