Drilling has started at the Bister 6407/8-7 exploration well in the Norwegian Sea.
Located in a water depth of around 260m, the well is targeting oil and gas in the Jurassic, Ile, Tilje and Åre formations.
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Statoil operates the well with a 35% stake. Faroe Petroleum holds a 7.5% interest.
The remaining stakes in the well are held by GDF Suez E&P Norge with 20%, E.ON E&P Norge with 17.5%, and Core Energy and VNG Norge hold 17.5% and 2.5% interests respectively.
Faroe Petroleum chief executive Graham Stewart said: "This is the second well in our 2015 exploration programme, following the successful completion of the Shango discovery earlier this month.
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"During the coming months we also expect to start drilling the first of two follow-up wells at the significant Pil discovery (Faroe 25%) on the Blink and Boomerang prospects."
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By GlobalDataThe Bister prospect is situated in the Norwegian Sea, in Licence PL 348/C, which also features the producing Hyme field, and the 2013 Snilehorn discovery.
Faroe said a seismic amplitude anomaly on the Bister prospect is similar to the anomalies on both the Snilehorn discovery and the Hyme field.
The company added that there is also evidence of a pressure barrier between Snilehorn and Hyme, which contributes towards the de-risking of the Bister prospect.
Image: The Bister 6407/8-7 exploration well is targeting oil and gas in the Jurassic, Ile, Tilje and Åre formations. Photo: courtesy of suwatpo/FreeDigitalPhotos.net.
