viewFaroe Petroleum plc

Faroe Petroleum kicks off Aerosmith exploration well

The programme, slated for 90 days, marks the end of this year’s exploration campaign

oil and gas operations
Aerosmith has two targets, but Faroe won't want to miss a thing

Faroe Petroleum plc (LON:FPM) has announced the start of drilling at the Iris/Hades, aka Aerosmith, exploration well in the Norwegian Sea.

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.

READ:Faroe Petroleum eyeing US$100mln debt financing

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.

READ: Faroe Petroleum’s Goanna exploration well fails

"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%).

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