Faroe commences Rungne exploration well in Norway

Source: press release, 19 October 2018

Rungne exploration well
Rungne exploration well (illustration: Faroe Petroleum)

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced the commencement of the Faroe-operated Rungne exploration well 30/6-30 in the Norwegian North Sea (Faroe 40% working interest).

The Rungne prospect is located in the Norwegian Sea, approximately 30 kilometres north west of the Company’s Brasse field and immediately north of the producing Oseberg oil field. 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 approximately 3,490 metres, in water depth of 119 metres. Drilling operations will be undertaken using the semi-submersible Transocean Arctic rig. The current joint venture partners in the PL825 licence are Faroe Petroleum (40% and operator), Lundin Norway AS (30%) and Spirit Energy Norge AS (30%). Subject to completion of two recent transactions, the PL825 partnership will consist of Faroe (40% and operator), Equinor Energy AS (30%), Spirit Energy Norge AS (20%) and DNO Norge AS (10%).

Graham Stewart, Chief Executive of Faroe Petroleum comments, “I am pleased to announce the spudding of the Faroe-operated Rungne exploration well, a near field exploration target which provides us with significant upside potential in one of our core areas. The well is in close proximity to the Faroe-operated Brasse field and existing infrastructure, including the producing Equinor-operated Oseberg oil field.”

“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. These exploration wells are targeting a significant unrisked resource potential net to Faroe of 80-150 mmboe. 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 continues.