In a press release Faroe Petroleum announced that operator Spirit Energy has started drilling exploration well 8/10-7S within the PL405 Oda license. The partners in PL405 licence are Spirit Energy Norge AS (40% and operator), Suncor Energy Norge AS (30%), Faroe (15%) and Aker BP ASA (15%).
The well will target a prospect which is an analogue to the Oda Field, i.e Ula sandstones sealed by Mandal-Farsund shales on a salt-induced structure. The Main risk is oil migration into the prospect since two out of three segments at Oda were found dry and Cassidy is located in what is believed to be a “dry belt”.
Graham Stewart, CEO in Faroe Petroleum, commented:
“I am pleased to announce the spudding of the Cassidy exploration well situated within tie-back distance of the Oda field, which is on track for first oil in H1 2019. Cassidy offers high value upside for the Oda field development as well as potential to unlock further exploration prospectivity to the north of the Oda field.”