Faroe Petroleum spuds Rungne well offshore Norway

Faroe Petroleum has started drilling the Rungne exploration well in the Norwegian sector of the North Sea.

The well formally named 30/6-30 in which Faroe 40% working interest is targeting the Middle Jurassic Oseberg Formation, with secondary targets in the Etive and Ness formations. The Rungne prospect is located 30 kilometers north-west of Faroe Petroleum’s Brasse field and immediately north of the producing Oseberg oil field.

Faroe is using the semi-submersible Transocean Arctic rig for the drilling operation at the Rungne well. The company has previously said the unrisked gross resources targeted at Rungne are c. 70 mmboe.

Graham Stewart, Chief Executive of Faroe Petroleum, said Rungne exploration well was a near field exploration target which provides the company with significant upside potential in one of its core areas.

“This is a very active exploration period for Faroe. We have six exploration wells and one appraisal well committed to drill over the coming 12 months, and many more wells lining up for drilling thereafter. The first of these, the Agar/Plantain exploration well in the UK, is currently being drilled, and this will be followed by the Faroe-operated Brasse East well, to be drilled back to back with the Rungne well.

“These exploration wells are targeting a significant unrisked resource potential net to Faroe of 80-150 mmboe. In addition, the appraisal well on the large Iris-Hades discovery, scheduled for H1 2019, has the potential to prove up very significant resources for the company.”