Faroe Petroleum Plc Share News (FPM)

(Sharecast News) - Independent oil and gas company Faroe Petroleum announced the start of the Faroe-operated Brasse East exploration well 31/7-3S in the Northern North Sea, where it has a 50% working interest, on Wednesday.The AIM-traded firm said the Brasse East well was being drilled immediately east of the Brasse field, discovered by Faroe in 2016 and appraised in 2017, which in turn was located to the south of the Brage field and to the south east of the Oseberg field.At the end of 2017, the Brasse field development feasibility study phase was completed, which Faroe said confirmed several economically attractive development solutions and export routes.Concept studies were currently progressing according to plan, with co-venturer Point Resources, which holds 50%.The total expected vertical depth of the well would be around 2,271 metres, in water depth of 124 metres.Drilling operations would be undertaken using the semi-submersible Transocean Arctic rig, with Faroe confirming that the results would be announced on completion of drilling operations."I am pleased to announce the spudding of the Faroe-operated Brasse East exploration well which is immediately adjacent to the Faroe-operated Brasse field," said Faroe Petroleum chief executive officer Graham Stewart."Brasse East offers upside potential for the Brasse field development as well as potential to unlock additional exploration upside to the north east of the Brasse field."Faroe's active exploration programme is continuing over the coming period, with the Cassidy well preparing for drilling later this year plus a further two wells committed for the first half of 2019."