Faroe, which holds a stake of 30% in the Goanna licence (PL 881), stated that the exploratory well will aim for a structural and stratigraphic prospect of Upper Jurassic Munin Formation sandstones.
Deepsea Bergen, a semi-submersible drilling rig from Odfjell Drilling has been deployed by Faroe for the drilling process with results to be revealed after completion of the operations.
Faroe’s partner in the Goanna licence is Norway-based Wellesley Petroleum which is the operator of the offshore block with a stake of 70%.
Located near the UK border in the northern part of the Norwegian North Sea, the Goanna prospect sits on either side of the border between PL 881 and PL 037.
It is in close proximity to the giant oil fields of Statfjord and Snorre, which provide the possibility for alternative routes for exports.
Faroe says that its associated costs of drilling the exploratory well will be handled by Wellesley Petroleum up to the budgeted dry hole cost.
Faroe Petroleum CEO Graham Stewart said: “Goanna represents a target in a very exciting new area for Faroe and the Company’s dry hole costs in the well are fully covered.
“Our rolling exploration programme continues with the Iris/Hades (Aerosmith) exploration well and Fogelberg appraisal well scheduled for the end of the year and the beginning of 2018, taking advantage of low drilling costs and Norwegian tax incentives.”
The Goanna license was awarded by the Norwegian Ministry of Petroleum and Energy under the APA 2016 licensing round for the Norwegian Continental Shelf.
Image: Map showing the location of the Goanna license in the Norwegian North Sea. Photo: courtesy of Faroe Petroleum.
