The well, which reached a total depth of 10,694 feet and encountered 75 feet of Jurassic sands that proved water wet, is now being plugged and abandoned.
As the operator of the well, the drilling operations were undertaken by Premier Oil, while, Faroe Petroleum had a free-carried interest of 8.4% in the well and it was not required to make any cash contribution to the dry-hole cost of this well.
Faroe Petroleum chief executive Graham Stewart said, the well was drilled at no cost of the company.
"The paying partners approached Faroe, as part of the Perth group, to drill the Spaniards East prospect on a Faroe held licence located close to the undeveloped Perth oil field (Faroe 33.4%)," Stewart added.
"Although the well was unsuccessful, the partnership has gained useful data from the well, which will further our regional knowledge."
Faroe Petroleum is an independent oil and gas company, which focuses primarily on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway.
