Faroe Petroleum announced Tuesday that drilling has commenced on the Kvalross exploration well 7224/2-1, which is located in PL611 in the Norwegian Barents Sea.
The well will test the Kvalross prospect, which has “significant” oil and gas resource potential within the Lower Triassic Klappmyss Formation clinoform reservoir, according to a company statement, and the Kvaltann prospect, which is believed to contain additional oil potential within a Mid-Late Triassic Snadd Formation channel.
Faroe holds a 40 percent interest in license PL611. Wintershall Norge AS holds a 40 percent operated interest in the license and Petoro AS holds the remaining 20 percent interest. The Kvalross well is being drilled using the Transocean Arctic (mid-water semisub).
Graham Stewart, chief executive of Faroe Petroleum, commented in a company statement:
“We are very pleased to announce the spudding of the Kvalross well which is the first of three exploration wells in Faroe’s drilling program for 2016 in Norway. This well will test two independent structures in a highly prospective area in the Norwegian Barents Sea. Kvalross is on trend with and just to the South of OMV’s significant Wisting and Hanssen discoveries and will use the same rig as was used to make the Pil and Bue discoveries last year.
“Faroe enters 2016 in robust financial health, with strong production, a solid cash position and largely un-utilised credit facilities, as we continue to evaluate the potential to take advantage of further good quality growth opportunities.”
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