Faroe Petroleum reported Monday that its partner in the PL405 license in the Norwegian North Sea, Centrica, failed to find hydrocarbons at its Butch East (8/10-5S) exploration well.
The well spud on December 29 and reached a total depth of 7,570 feet in the Zechstein salt formation. Targeting sandstones of the Upper Jurassic reservoir of the Ula formation, the well confirmed a "good quality" reservoir but no hydrocarbons were encountered.
The well, drilled in 213 feet of water using the Maersk Giant (350' jack-up) rig, will now be plugged and abandoned.
Centrica is currently working on a development plan for the Butch Main discovery in parallel with drilling the follow-up prospects at Butch East and Butch South West. The Maersk Giant will now move to drill a separate segment a Butch South West.
Faroe Chief Executive Graham Stewart commented in a company statement:
"This is the first of two back-to-back wells, following the successful 2010 Butch Main discovery, on the untested eastern and south‐western sides of the large central Butch salt structure. Whilst the results for the Butch East well are disappointing, Butch South West is structurally independent and a highly prospective target with significant upside potential. Once Butch East operations are completed, we will move on directly to drill Butch South West.
Operator Centrica holds a 40-percent stake in the license, while Faroe, Suncor Norge and Tullow Oil Norge hold 15-percent, 30-percent and 15-percent interests respectively.
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