Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces that drilling has reached target depth on the Wintershall operated Kvalross exploration well in the Barents Sea (Faroe 40%).
The Kvalross exploration well 7224/2-1 was spudded on 11 January 2016 and reached a total vertical depth of 2,917 metres in the Lower Triassic Havert formation. The well aimed to test two independent targets: the Kvalross prospect within the Lower Triassic Klappmyss formation; and the Kvaltann prospect within a Mid-Late Triassic Snadd formation channel. Good quality sands were encountered in the Kvaltann prospect but were found to be water wet. In the main Kvalross target hydrocarbon shows were observed, but not in good quality reservoirs. No commercial discovery has been made.
The Kvalross exploration well was operated by Wintershall using the Transocean Arctic drilling rig and is now being plugged and abandoned as planned. The duration of the well is expected to be approximately 60 days compared to the dry hole timing budget of 83 days, and hence is expected to be delivered significantly below budget.
Licence PL611 was awarded to Faroe together with co-venturers Wintershall Norge AS (40% and operator) and Petoro AS (20%) in May 2011 in the Norwegian 21st Licensing Round.