Centrica has spud the Butch East exploration well in the Norwegian North Sea, its partner Faroe Petroleum announced Monday. The well is being drilled by the Maersk Giant (350' ILC) rig.
The Butch East well – located next to the 2011 Butch oil discovery – is the first of two back-to-back wells being drilled by Centrica on the PL405 and PL405B "Butch" licenses. The well is targeting some 136 million barrels, according to analysts at London-based Westhouse Securities.
The next well drilled in the campaign will be the Butch South West well.
Faroe Petroleum welcomed the news, with Chief Executive Graham Stewart saying in a company statement:
"If successful, Butch East offers the potential to substantially add to the value of the Butch field.
Centrica is operator of the Butch license, with a 40-percent stake, while Faroe, Suncor Norge and Tullow Oil Norge hold 15 percent, 30 percent and 15 percent respectively.
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