Songa Delta Reaches Target Depth at Exploration Well at Kalvklumpen

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces that drilling has reached target depth on the Kalvklumpen prospect (Faroe 20%), located in the Norwegian North Sea area of Norway.

The 25/6-4 S Kalvklumpen well spudded on 10 January 2012 and reached total depth of 2,738m within the Dunlin Formation. The well targeted sandstones of the Palaeocene Hermod Formation and the Jurassic Brent Group and, whilst excellent reservoirs were confirmed in both targets, no hydrocarbons were encountered. The Company has gathered considerable new data which will be used to de-risk other prospects in this prospective area where the Company owns several licences including the PL627 Shango, PL414B Oksen and PL507 Tetrao/Knorke licences.

The drilling operation was undertaken by Det Norske Oljeselskap as operator (40% participating interest), using the Songa Delta drilling rig, the other partners being Norwegian Energy Company ASA and Bayerngas Norge AS. The well will now be plugged and abandoned

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

“This is our first exploration well in this northern part of the Utsira High area, which has seen recent exploration success in the Atla discovery, located close to Faroe Petroleum’s acreage. Whilst the results for the Kavlklumpen well are disappointing, the extensive data acquired will be now be applied to evaluate and de-risk further prospects within this and the adjacent licences held by the Company in this prospective area“.

“The Kalvklumpen well is one of a continuing multi-well exploration drilling programme which Faroe is conducting in 2012, including the high impact North Uist (UK, west of Shetlands), Clapton (Norway), Cooper (Norway) and Rodriguez (Norway) wells. Meanwhile, operations on the T-Rex exploration well (Norway) located in the Norwegian Sea continue. We look forward to providing further updates on progress in the near future.”

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Offshore Nieuws Staff , February 13, 2012;  Image: odfjelldrilling