Faroe Petroleum's Boné Exploration Well Disappoints

Source: www.gulfoilandgas.com 3/15/2017, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces that drilling has reached target depth on the7183/12-2 Boné exploration well in the Barents Sea (Faroe 20%).

The Boné well has been drilled to a total depth of 3,501 metres. The well encountered approximately 106 metres of gross water bearing reservoir in the primary target, the Realgrunnen Group. Data acquisition and sampling has been undertaken including logging and water sampling. The Boné exploration well was operated by Eni using the Scarabeo 8 drilling rig and is now being plugged and abandoned as planned.

Licence PL716 was awarded to Faroe in June 2013 in the Norwegian 22nd Licensing Round together with co-venturers Eni Norge AS (30% and operator), Bayerngas Norge AS (20%), Petoro AS (20%) and Point Resources AS (10%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

“While we are disappointed that no hydrocarbons were present in the Realgrunnen section at this frontier location, the well provides important new data and information which will allow further evaluation of this extensive licence in the Barents Sea province.

“Our 2017 drilling programme continues with plans progressing well for the appraisal of the 2016 Brasse discovery this summer, which will be operated by Faroe. We are also maturing a number of exciting new drilling targets in Norway with potential to take advantage of the continuing low drilling costs.


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