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Faroe Petroleum’s Goanna exploration well fails

The well was drilled down to 2,730 metres and encountered a 49 metre reservoir interval which was found to be water bearing.
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The Aerosmith well will be next in the schedule for Faroe

Faroe Petroleum plc (LON:FPM) told investors that the Goanna exploration well, in the Norwegian North Sea, was unsuccessful.

The well was drilled down to 2,730 metres and encountered a 49 metre reservoir interval which was found to be water bearing.

Faroe had a 30% stake in the well, which was operated by Wellesley Petroleum. The company gave highlighted a slight silver lining, with the programme coming in below budget and that means that Faroe’s share of the well costs will be covered by its joint venture partner.

READ: Faroe Petroleum lifts stake in Blane field in UK North Sea

"While we are disappointed that no hydrocarbons were present in the Goanna prospect, the well provides important new data and information which will allow further evaluation of this new area for Faroe, and in addition the company's associated drilling costs have been fully covered,” said Graham Stewart, Faroe chief executive.

"Our exploration programme continues with the Iris/Hades (Aerosmith) exploration well and Fogelberg appraisal well scheduled for the end of the year and the beginning of 2018, taking advantage of low drilling costs and Norwegian tax incentives."

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