Aberdeen-based Faroe Petroleum said today that exploration drilling had started on one of its interests in the Norwegian Sea.
The Iris/Hades (Aerosmith) well is located in the Halten Terrace close to the producing Morvin and Aasgard fields, operated by licence partner Statoil.
Faroe owns 20% of the asset, operator OMV has 30%, while partners Statoil hold 30% and Centrica is on 20%.
The Deepsea Bergen rig will drill the well over 90 days.
Faroe chief executive Graham Stewart said: “We are pleased to have spudded this well; not only is it good to end the year with another high impact exploration well but it is also good to be drilling a prospect which has been part of our portfolio for a number of years and which is located in an area we know very well and have had significant success in.
“The Iris/Hades (Aerosmith) well marks the end to our 2017 exploration drilling programme, which has continued to deliver value and an industry leading success rate of over 30% due to the diligence and hard work of our in-house technical teams.
“We end 2017 in a great position, with a pipeline of high quality, world class development projects, to grow materially our production and with a very strong balance sheet, which we recently further strengthened with the successful issue of a $100m unsecured bond. I look forward to updating the market on Faroe’s progress in early 2018.”