Statoil Spuds Snilehorn Well

Statoil has begun drilling at Snilehorn exploration well 6407/8-6 in the Norwegian Sea, Faroe Petroleum, which owns a 7.5% share in the prospect, has announced.

The Snilehorn prospect is located four kilometres from the Hyme producing oil field (Faroe 7.5%) in the Norwegian Sea. Hyme produces into the Njord field facilities (Faroe also 7.5%).

The well and a planned side-track will target oil and gas in the Jurassic Ile, Tilje and Åre Formations (analogous to the Hyme reservoir) and, if successful, the plan is to fast-track a development along similar lines to the Hyme development. The water depth is 282 metres and the well is planned to be drilled to a total depth of approximately 3,205 metres. The drilling operations are being undertaken by Statoil (50%) utilising the Songa Trym rig.

Graham Stewart, Chief Executive, Faroe Petroleum commented:

“We are pleased to announce the spudding of the Snilehorn exploration well, the first of our six well programme which, if successful, offers an opportunity to add new production at a low cost through a fast-track tie-back to the nearby Hyme field in which Faroe also participates with 7.5%.

“We now look forward to one of our most exciting periods ahead, with a long programme of fully-funded high impact exploration and appraisal wells planned, in which we have material equity stakes. The programme commences with the Snilehorn welland has the potential to generate considerable shareholder value.”

[mappress]
Press Release, September 18, 2013