Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce the commencement of the Kvalross exploration well 7224/2-1 (Faroe 40%).
Licence PL611, which contains the Kvalross prospect, is located in the Norwegian Barents Sea to the south of OMV’s significant Wisting and Hanssen oil discoveries. The well will test two independent targets, namely: the Kvalross prospect with significant oil and gas resource potential within Lower Triassic Klappmyss Formation clinoform reservoir; and the Kvaltann prospect which has additional oil potential within a Mid-Late Triassic Snadd Formation channel.
Licence PL611 was awarded to Faroe in May 2011 in the Norwegian 21st Licensing Round together with co-venturers Wintershall Norge AS (40% and operator) and Petoro AS (20%). The Kvalross well is being drilled using the Transocean Arctic drilling rig and the results will be announced when drilling operations are complete.