Blink exploration well commences drilling in the Norwegian Sea
Wednesday, Sep 23, 2015
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce the commencement of the second Pil/Bue follow-up well with the spudding of exploration well 6406/12-5 S (Faroe 25%) on the Blink prospect.

The Blink prospect is located in the Norwegian Sea in Licence PL586, which also contains the significant Pil and Bue discoveries (announced in 2014). The licence is located in proximity to the producing Njord field (Faroe 7.5%).

The drilling programme will target the Upper Jurassic reservoirs analogous to the Pil, Bue and Draugen field reservoirs. This well follows on directly from the Boomerang well which encountered a 26 metre gross Upper Jurassic intra-Spekk/Rogn sandstone containing estimated recoverable resources of between 13 and 31 million barrels of oil equivalent.

The Blink exploration well, located in water depth of approximately 360 metres, is operated by VNG Norge AS (30%) using the Transocean Arctic semi-submersible drilling rig with partners Spike Exploration AS (30%) and Pure E&P Norway AS (15%) and the results will be announced when drilling operations are complete.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

“I am very pleased to announce the spudding of the Blink exploration which follows on from the Boomerang discovery announced last week. Blink is part of the follow up drilling programme on the significant Pil and Bue discoveries announced in 2014, located in the same licence area and within tie-back distance of the producing Njord field infrastructure.

“The Greater Njord Area, which includes the Pil and Bue discoveries, the producing Njord and Hyme fields as well as the Snilehorn discovery announced in late 2013, together form a substantial position for Faroe with already significant proven resources. This drilling campaign has the potential to add considerable additional value.”

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