Faroe Petroleum spuds the Bister exploration well 6407/8-7 (Faroe 7.5%).

The Bister prospect is located in the Norwegian Sea in Licence PL 348/C, which also contains the producing Hyme field and the 2013 Snilehorn discovery. The licence is located adjacent to the producing Njord field (Faroe 7.5%) with Statoil as the operator of both PL348 and Njord.

Well 6407/8-7 will be targeting oil and gas in the Jurassic, Ile, Tilje and Åre formations (analogous to the Hyme oil field and Snilehorn reservoirs). There is a seismic amplitude anomaly on the Bister prospect of a similar character to the anomalies on both the Snilehorn discovery (estimated gross recoverable resource range of 57-101 mmboe) and the Hyme field. There is also evidence of a pressure barrier between Snilehorn and Hyme, which contributes towards the de-risking of the Bister prospect.

The Bister exploration well, located in approximate water depth of 260 metres, is operated by Statoil (35%) using the Transocean Spitzbergen drilling rig with partners GDF SUEZ E&P Norge AS (20%), E.ON E&P Norge AS (17.5%), Core Energy AS (17.5%) and VNG Norge AS (2.5%). Results from the well will be announced when drilling operations are complete.

Tags: Faroe Petroleum