Faroe Petroleum: Portrush Exploration Well Dry

Faroe Petroleum announced Friday that the Portrush exploration well 6407/10-5 in the Norwegian Sea has come up dry.

Well 6407/10-5, which was drilled to a vertical depth of 9,350 feet using the Transocean Barents (UDW semisub), came across 439 feet of reservoir sand of variable quality, although no hydrocarbons were encountered. The well will now be permanently plugged and abandoned.

Graham Stewart, chief executive of Faroe Petroleum commented in a company statement:

“Whilst the results of this well are disappointing, we were fortunate in that we have been able to take advantage of reduced rig rates and associated drilling costs, which coupled with the Norwegian tax rebate system, realized a significantly lower well cost, net to Faroe. Meanwhile drilling operations are continuing on the Pil/Bue follow-up program targeting upside in the Boomerang and Blink wells; Pil and Bue were significant discoveries announced in 2014, located in the same license.”

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