Faroe Petroleum Commences Drilling of Rungne Exploration Well
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced the commencement of the Faroe-operated Rungne exploration well 30/6-30, in the Norwegian North Sea (Faroe 40% working interest).
The Rungne prospect is located in the Norwegian Sea, about 30 km northwest of the Company’s Brasse field and immediately north of the producing Oseberg oil field. The well will target the Middle Jurassic Oseberg Formation, with secondary targets in the Etive and Ness formations.
The total expected vertical depth of the well is approximately 3,490 m, in water depth of 119 m. Drilling operations will be undertaken using the semisubmersible Transocean Arctic rig. The current joint venture partners in the PL825 license are Faroe Petroleum (40% and operator), Lundin Norway AS (30%) and Spirit Energy Norge AS (30%). Subject to completion of two recent transactions, the PL825 partnership will consist of Faroe (40% and operator), Equinor Energy AS (30%), Spirit Energy Norge AS (20%) and DNO Norge AS (10%).