Faroe Announces Spud of Spaniards East Well

Faroe Petroleum announced Monday the spudding of the Spaniards East prospect in the UK North Sea. The well was spud by the WilPhoenix (mid-water semisub) drilling rig.

Spaniards East is on Block 15/21a to the south of the Perth field and close to the producing Scott field in the central North Sea. The well is targeting Upper Jurassic reservoirs and is expected to take approximately 40 days to drill.

"We are pleased to announce the spudding of this exploration well adjacent to the Perth field, which will be drilled without cost to Faroe Petroleum," Faroe Chief Executive Graham Stewart said in a company statement.

"In the meantime Faroe is participating in three further exploration wells scheduled to be drilled in the next six months in both UK and Norwegian waters and we await the results from the BP operated North Uist well, West of Shetland."

Drilling operations at Spaniards East are being conducted by Premier Oil. Faroe Petroleum holds an 8.4-percent interest. Other partners in the well include Serica Energy, Cairn Energy, Parkmead, Maersk Oil and Atlantic Petroleum.



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