Blue Energy backed Wellesley Petroleum has hit water on its latest North Sea wildcat.
The Goanna well has been drilled to a total depth of 2,730 metres but only encountered approximately 49 metres of gross water bearing reservoir in the Upper Jurassic Munin Formation sandstones.
Data acquisition including logging and pressure points has been carried out.
The Goanna exploration well, in which Wellesley has a 70% interest, was drilled using the semi-submersible drilling rig Deepsea Bergen.
It is now being plugged and abandoned as planned.
The well cost is expected to come in below budget.
Graham Stewart, chief executive of Faroe Petroleum who retains the remaining 30% interest, said: “While we are disappointed that no hydrocarbons were present in the Goanna prospect, the well provides important new data and information which will allow further evaluation of this new area for Faroe, and in addition the company’s associated drilling costs have been fully covered.
“Our exploration programme continues with the Iris/Hades (Aerosmith) exploration well and Fogelberg appraisal well scheduled for the end of the year and the beginning of 2018, taking advantage of low drilling costs and Norwegian tax incentives.”