Faroe Petroleum announces commencment of Iris/Hades exploration well

Source: Faroe Petroleum.

ABERDEEN -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, has announced the commencement of the Iris/Hades (Aerosmith) exploration well, 6506/11-10 (Faroe 20%) in licence PL644/PL644 B.

The Iris/Hades (Aerosmith) well is located in the Halten Terrace, some 200 km offshore in the Norwegian Sea and adjacent to the producing Morvin and Aasgard fields, operated by licence partner Statoil. The well will target two formations, one in the Cretaceous and the other in the Jurassic. The Cretaceous Hades prospect is a closure on the flank of the Sklinna Ridge, with the Jurassic Iris prospect located directly underneath, within a rotated fault block.

Licence PL644 and PL644B (Faroe 20%) were awarded in February 2012 and are operated by OMV (30%) with partners Statoil (30%) and Centrica (20%). The semisubmersible drilling rig, Deepsea Bergen, will be used for the drilling operations. Results will be announced when operations have been completed, which is estimated to take approximately 90 days.

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