Faroe Petroleum Secures Drilling Rig for Brasse Well in Norway

Norway and UK-focused oil and gas company Faroe Petroleum announced Thursday that it has secured a rig to drill the Brasse prospect in Norway next summer.

The Faroe-operated Brasse exploration well in the Norwegian North Sea will be drilled by the Transocean Arctic (mid-water semisub) and aims to test a structure immediately south of the producing Brage field. If the well is successful it could be tied-back to Brage or other nearby installations. Faroe has budgeted its net share of the well costs after tax to be less than $3 million.

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

“We are very pleased to announce the signing of the drilling contract for this exciting Faroe-operated exploration well – one of three exploration wells in Faroe’s drilling program for 2016 in Norway. The Brasse prospect will be drilled using the Transocean Arctic, which is the same rig as we used to make the Pil discovery in 2014. Faroe has taken the opportunity to capitalise on the low cost environment to drill a material prospect which offers real potential for an early and low cost tie-back to the Brage field in which Faroe is an owner.

“Despite the challenging industry backdrop, Faroe is robust with a strong cash position and balance sheet, and continues to perform very well, with production in line with our increased guidance.  We look forward to an exciting three well exploration drilling program for 2016 in Norway, which is firming up on cost efficient terms, and continue to evaluate the potential to take advantage of further good quality growth opportunities.”

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