Northern Europe-focused junior explorer Faroe Petroleum announced Tuesday that drilling has begun on the VNG Norge-operated Pil exploration well (6402/12-3S) in the Norwegian Sea.
The Pil prospect, which is located on the PL586 license, is a combined structural and stratigraphic closure. The primary target is at the shallower Upper Jurassic Rogn formation sandstone, which has proved to be an effective reservoir in the producing Draugen field, which lies some 37 miles to the northeast.
Fafoe holds a 25 percent stake in the Pil exploration well, which is located within tie-back distance (around 20 miles) to the Njord platform in which Faroe also holds a 7.5-percent interest.
VNG Norge and Spike Exploration each hold 30 percent, while Rocksource Exploration Norway holds a 15-percent stake.
Faroe Chief Executive Graham Stewart commented in a company statement:
"We are pleased to announce the spudding of the Pil exploration well which, as with our recently discovered Snilehorn oil discovery, is another exciting exploration prospect located in the Greater Njord Area. Pil is situated in close proximity to the Njord hub facilities, which act as host to the Hyme field, and is also likely to host the significant Snilehorn oil field and potentially further yet to be discovered fields in the vicinity."
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