Statoil Supends Brugdan II Drilling Due to Bad Weather (Faroe Islands)

Statoil and its partners ExxonMobil and Atlantic Petroleum have decided to temporarily suspend operations on the Brugdan II well offshore the Faroe Islands.

The Brugdan II well has drilled into the sub-basalt section, but the primary objective has not yet been reached.

“The decision to suspend the drilling is based on the expected bad weather as we enter the winter season,” said Statoil in a statement.

The Faroese authorities have authorised a suspension until end 2013. The well is located around 80 km offshore from the Faroe Islands and was spud in June 2012. It has been drilled with the COSL Pioneer semi-submersible rig in a water depth of around 450 meters.

The Brugdan II well is the second exploration well that has been drilled in licence 006 which covers an area of approximately 579 square kilometres.

Statoil has been in the Faroe Islands since 2000 and holds a significant acreage position with 6 operated licences. The licences are all sub-basalt and have a varied geology within different plays.

The position in the Faroe Islands is in line with the company’s exploration strategy of early access of scale and establishing a leading position in frontier areas.

Statoil Færøyene AS has 50% equity in the Brugdan licence. The partners are partners ExxonMobil Exploration and Production Faroe Islands Ltd 49% and Atlantic Petroleum P/F 1%. The Brugdan II well is the 8th exploration well drilled in Faroese waters since 2001.

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November 27, 2012