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UK-based oil and gas company Faroe Petroleum has announced the start the Boné exploration well 7318/12-1 in the western part of Norwegian Barents Sea.

The company has also decided to drill an appraisal well on the Brasse discovery.

Licence PL716 hosts the Boné prospect, and was awarded to Faroe in June 2013. It is located in a similar structural setting to the Johan Castberg discovery.

Faroe Petroleum holds 20% in Boné exploration well 7318/12-1, which mainly targets the Jurassic Stø- and Nordmela sandstones. Drilling also includes a secondary target to reach the Triassic Fruholmen and Snadd sandstone formations.

Eni Norge owns a 30% interest with operatorship in the well, while the other partners in this project are Bayerngas Norge (20%), Petoro (20%) and Point Resources (10%).

Scarabeo 8 rig is being used to drill the Boné well.

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By GlobalData

Faroe Petroleum chief executive Graham Stewart said: “We are very pleased to announce the spudding of Boné, our first exploration well in 2017, located 90km to the north-west of the Johan Castberg discovery. This high impact well will test a large horst structure with very significant volume potential.

"This high impact well will test a large horst structure with very significant volume potential."

“We are also pleased to announce the forthcoming appraisal well on the Brasse licence, which will serve to mature this discovery towards development. Together with Point Resources, we are progressing feasibility studies, which will be ongoing in parallel with the appraisal project.”

The Licence PL740 partnership has also decided to spud an appraisal well on the Brasse discovery in the middle of this year. Faroe Petroleum is the operator of this well with 50% ownership.

It has signed a contract with Odfjell Drilling to use semi-submersible drilling rig, Deepsea Bergen, to complete drilling operations.

At the Brasse Discovery, the main wellbore 31/7-1 encountered an 18m gross gas column and a 21m gross oil column with a sidetrack well (31/7-1A) hosting a 6m gross gas column and a 25m gross oil column.

The company estimated that 28 million to 54 million barrels of oil, and 89 billion to 158 billion cubic feet of gas (43 million to 80 million barrels of oil equivalent gross in aggregate) can be recovered from this site.

Faroe decided to drill the appraisal well to procure additional information and eliminate any ambiguity with the reserve estimates at the location.