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November 14, 2018

Faroe reports disappointing results at Rungne exploration well

Faroe Petroleum has failed to find hydrocarbons within the primary Oseberg formation target in the Rungne exploration well 30/6-30 in the PL825 in the Norwegian North Sea.

Faroe Petroleum has failed to find hydrocarbons within the primary Oseberg formation target in the Rungne exploration well 30/6-30 in the PL825 in the Norwegian North Sea.

Drilling operations on the well began last month using the semi-submersible Transocean Arctic rig.

Drilled to a total depth of 3,469m, the Rungne well encountered a 56m gross gas/condensate column in interbedded Middle Jurassic Ness formation sandstones.

The well also hit 86m of gross water-bearing reservoir in the primary Oseberg formation target.

“We are pleased to have encountered hydrocarbons in the secondary Ness target, which provides new data.”

Owning a 40% working interest in the well, Faroe declared that no hydrocarbon contact was encountered within the Ness formation. The company carried out data acquisition, including coring, logging and fluid sampling.

Faroe Petroleum chief executive Graham Stewart said: “Although no hydrocarbons were present in the main Oseberg target, we are pleased to have encountered hydrocarbons in the secondary Ness target, which provides new data.

“In addition to the ongoing Agar/Plantain well, results from which are expected shortly, Faroe’s exploration programme will continue over the remainder of the year with two further committed exploration wells in Norway: the Brasse East (Faroe-operated) and Cassidy wells.”

The drilling encountered gas and condensate recoverable reserves in the Ness formation, with an estimated combined recoverable volume range between 2.7mmboe and 17mmboe.

According to the company, the discovery is unlikely to be commercial in isolation.

Other partners in PL825 include Lundin Norway (30%) and Spirit Energy Norge (30%).

Equinor Energy recently agreed to acquire a 20% stake in the licence from Lundin and a 10% interest from Spirit Energy.

Lundin also reached an agreement to sell its remaining 10% stake to DNO Norge.

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