Exploratory drilling has been completed offshore Ireland on the Sarsfield Prospect without success. The well has been plugged and abandoned. Initial findings indicate that the Sarsfield Prospect does not contain reserves of oil or gas. Sarsfield is located in the Porcupine Basin, about 105 miles west of County Kerry. Transocean Sedco Forex's semisubmrsible, Sovereign Explorer is now en route to drill offshore the Faroes Islands. Statoil holds a 42 percent interest in Sarsfield and is operator on behalf of its partners Chevron, Conoco, Enterprise Energy Ireland and Dana Petroleum.