Faroe Petroleum reports Goanna exploration well results

9/12/2017

LONDON -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, announces that drilling has reached the target depth on the exploration well 33/9-22 S (Faroe carried interest 30%) in licence PL 881.

The Goanna well has been drilled to a TD of 2,730 m. The well encountered approximately 49 m of gross water bearing reservoir in the primary target, the Upper Jurassic Munin Formation sandstones. Data acquisition including logging and pressure points has been carried out.

The Goanna exploration well, operated by Wellesley Petroleum (70%) using the semisubmersible drilling rig Deepsea Bergen, is now being plugged and abandoned as planned.  The well cost is expected to come in below budget and as such Faroe’s associated costs will be fully carried by its joint venture partner.

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