Statoil Spuds Snilehorn Well

Northern Europe-focused Faroe Petroleum reported Wednesday that drilling of the Statoil-operated Snilehorn exploration well has started.

The 6407/8-6 well is targeting the Snilehorn prospect, located approximately 2.5 miles from the Hyme producing oilfield in the Norwegian Sea. Hyme produces into the Njord field facilities.

The Snilehorn well, along with a planned sidetrack well, is being drilled to a depth of approximately 10,500 feet and will target oil and gas in the Jurassic Ile, Tilje and Åre Formations, which are analogous to the Hyme reservoir. If successful, Statoil's plan is to fast-track a development along similar lines to the Hyme development, Faroe said.

Drilling operations are taking place in 925 feet of water using the Songa Trym (mid-water semisub) rig.

Faroe Chief Executive Graham Stewart commented in a statement:

"We are pleased to announce the spudding of the Snilehorn exploration well, the first of our six well program which, if successful, offers an opportunity to add new production at a low cost through a fast-track tie-back to the nearby Hyme field in which Faroe also participates with 7.5 percent.
"We now look forward to one of our most exciting periods ahead, with a long program of fully-funded high impact exploration and appraisal wells planned, in which we have material equity stakes. The program commences with the Snilehorn well and has the potential to generate considerable shareholder value."


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