Agar/Plantain exploration and appraisal well commences

Source: press release, 28 August 2018

illustration: Faroe Petroleum
illustration: Faroe Petroleum

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, notes the announcement made by Azinor Catalyst Limited, the operator of the Agar Plantain exploration and appraisal well on the UK Continental Shelf.

Catalyst confirmed that the Plantain exploration well spud at approximately 6:00 pm on 24 August 2018 using the Transocean Leader drilling rig. The well is expected to take approximately 28 to 38 days to complete and will be drilled to a depth of 1,845 metres TVDSS (true vertical depth subsea). The Plantain well will be followed by a contingent side-track to appraise the discovered Agar field. The total estimated gross cost of well operations is USD 15 million. The results will be announced on completion of drilling operations.

Faroe announced on 14 August 2018 that it had farmed into the Agar Plantain exploration and appraisal well taking a 25% interest on the sole risk drilling activity and a 12.5% interest in the wider P1763 Licence alongside Catalyst’s existing partners Apache Corporation and Cairn Energy PLC. Plantain is an Eocene oil prospect which follows on from the original Agar oil discovery in 2014 (9/14a-15A) and the analogous Frosk oil discovery (24/9-12 S) made in Norway by Aker BP earlier this year.

Operator volumes in Agar and Plantain have been estimated by Catalyst at a combined mid-case prospective resource of 60 million barrels of oil equivalent, with an upside case of 98 million barrels of oil equivalent.

Graham Stewart, Chief Executive of Faroe Petroleum, comments, “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.”