Kvalross exploration well commences drilling

Faroe Petroleum has reported the commencement of the Kvalross exploration well 7224/2-1 (Faroe 40%).

Licence PL611, which contains the Kvalross prospect, is located in the Norwegian Barents Sea to the south of OMV’s significant Wisting and Hanssen oil discoveries. The well will test two independent targets:

• The Kvalross prospect with significant oil and gas resource potential within Lower Triassic Klappmyss Formation clinoform reservoir.
• The Kvaltann prospect, which has additional oil potential within a Mid-Late Triassic Snadd Formation channel.

Licence PL611 was given to Faroe in May 2011 in the Norwegian 21st Licensing Round together with co-venturers Wintershall Norge AS (40% and operator) and Petoro AS (20%). The Kvalross well is being drilled using the Transocean Arctic drilling rig and the results will be announced when drilling operations are complete.

Graham Stewart, Chief Executive of Faroe Petroleum, said: “We are very pleased to announce the spudding of the Kvalross well which is the first of three exploration wells in Faroe’s drilling programme for 2016 in Norway. This well will test two independent structures in a highly prospective area in the Norwegian Barents Sea. Kvalross is on trend with and just to the South of OMV’s significant Wisting and Hanssen discoveries and will use the same rig as was used to make the Pil and Bue discoveries last year. Faroe enters 2016 in robust financial health, with strong production, a solid cash position and largely un-utilised credit facilities, as we continue to evaluate the potential to take advantage of further good quality growth opportunities.”

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/12012016/kvalross-exploration-well-commences-drilling-1892/