Cassidy Exploration Well Result

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces the results of the Cassidy exploration well 8/10-7S within the PL405 Oda licence in the Norwegian North Sea (Faroe 15% working interest). 

The well encountered 13 metres of water bearing Jurassic Ula formation sandstones. Data acquisition has been undertaken.  The well was drilled to a measured depth of 3,100 metres using the Mærsk Interceptor rig and will  now be plugged and abandoned as planned. 

The co-venturers in the Oda PL405 licence are Faroe (15%), Spirit Energy Norge AS (40% and operator), Suncor Energy Norge AS (30%) and Aker BP ASA (15%).  

Graham Stewart, CEO, commented:

“Whilst the result of the Cassidy well is disappointing, Faroe has maintained its above average exploration success rate in 2018 with two commercial discoveries out of four wells so far this year: Iris Hades in Norway (Faroe’s largest discovery to date); and Agar in the UK.   

 “We remain active over the coming months, with the Brasse East well currently drilling, and a further three exploration and appraisal wells so far committed for drilling in H1 2019”.