The well is located about 200 kilometres offshore and is being drilled by the Deepsea Bergen rig in a programme is slated to take 90 days.
Aerosmith is targeting two formations, the Cretaceous Hades prospect and the Jurassic Iris prospect.
"We are pleased to have spudded this well; not only is it good to end the year with another high impact exploration well but it is also good to be drilling a prospect which has been part of our portfolio for a number of years and which is located in an area we know very well and have had significant success in,” said Graham Stewart, chief executive.
"The Iris/Hades (Aerosmith) well marks the end to our 2017 exploration drilling programme, which has continued to deliver value and an industry leading success rate of over 30% due to the diligence and hard work of our in-house technical teams.”
The London-listed explorer has a 20% stake in the well where it is partnered with Statoil, which owns nearby producing fields (Morvin and Aasgard), in addition to OMV (which has 30%) and Centrica (20%).