Faroe Exploration is planning four exploration wells offshore Norway in 2015 - Shango, Pil, Blister and Kvalross.
Shango, operated by Total (Faroe 20%), is in the Norwegian North Sea on the northern part of the prolific Utsira High. The well will be drilled using the Leif Eiriksson semisubmersible drilling rig expecting to spud in 1H 2015, and will target a large undrilled Jurassic structure with estimated unrisked Prospective Resources of 30-110MMboe (gross). Shango will be a target for fast-track tie-back development across Skirne to the Heimdal facility
Two exploration wells are planned for Pil (Faroe 25%) for summer 2015, to follow up on the Pil and Bue discoveries announced March 2014. Operator (VNG) estimates that the combined discoveries already contain gross Contingent Resources of 80-200 MMboe, of which around 80% is estimated to be oil and condensate. The two follow up wells on the Blink and Boomerang prospects, to be drilled using the Transocean Arctic, will target additional unrisked Prospective Resources of 93-490 MMboe (gross)
A well within the Hyme/Snilehorn Norwegian Sea license will target the Bister (Faroe 7.5%) prospect. Drilling is planned for 2H of 2015 and a final commitment to drill is anticipated. The well will target estimated unrisked Prospective Resources of 20-90 MMboe.
Drilling on the Barents Sea Kvalross prospect (40% Faroe) maybe delayed due to rig scheduling, says Faroe. Kvalross is to the south of OMV’s significant Wisting discovery and the well is planned to test two targets: the Lower Triassic Kvalross Prospect with very significant gas resources potential in Klappmyss clinoform reservoirs within a megaclosure; and the Early Triassic Kvaltann prospect, a Snadd Formation sandstone channel sitting directly above the Kvalross Prospect with substantial oil potential as proven in the Wisting shallow discovery to the north, collectively targeting estimated unrisked Prospective Resources of 50-580 MMboe.
Graham Stewart, Faroe's CEO, said: “Our Norwegian position is now one of the most significant of any UK independent E&P company and, despite challenging market conditions, the company is set for 2015 to be another year of growth, with an exciting and fully-funded drilling programme of low cost, high impact exploration wells."