Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Faroe Petroleum’s Kvalross exploration well is unsuccessful

Faroe held a 40% interest in the exploration well which was operated by German oil major Wintershall.
Faroe Petroleum’s Kvalross exploration well is unsuccessful
Faroe has two more wells planned.

Faroe Petroleum (LON:FPM) has revealed that the Kvalross exploration well, in the Barents Sea, has not been successful.

The well was drilled to a depth of 2,917 metres an target two independent targets.

In the first, the Kvalross target, hydrocarbons were observed but the reservoir quality was not deemed to be good.

The second target, called Kvaltann, was found to have good quality reservoir sands but was ‘water wet’.

So, no commercial discovery was made.

Faroe held a 40% interest in the exploration well which was operated by German oil major Wintershall.

The AIM quoted oil company highlighted that the well programme is expected to be complete some 23 days ahead of schedule, and therefore it is said that the well will be delivered ‘significantly below budget’.

Graham Stewart, Faroe Petroleum chief executive, said: "Whilst the results for the Barents Sea Kvalross well are disappointing, we are pleased that the well has been drilled significantly below budget and to have encountered hydrocarbon shows which will add to the large data bank we now hold over this prospective frontier area.”

Faroe has two more wells planned in its current exploration programme.

View full FPM profile View Profile

Faroe Petroleum plc Timeline

Related Articles

picture of oil wells
September 06 2017
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery
pic of VOG's gas facility
August 17 2017
La-107 had successfully reached its target depth of 3,180 metres
picture of oil field
June 26 2017
“Ntorya-3 is ready to go but want to make sure, we maximise as many targets as we possibly can.”

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use