LONDON (Alliance News) - Faroe Petroleum PLC Wednesday said the operator of the Bister exploration well in the Norwegian Sea, in which Faroe has a 7.5% interest, has been drilled and side-tracked but said no hydrocarbons were encountered.
The well, which is operated by Statoil, was drilled to a total vertical depth of 2,990 metres below sea level in the Åre Jurassic formation and was then side-tracked to a total vertical depth of 2,770 metres below sea level.
Faroe said although drilling confirmed "good quality reservoirs", it said no hydrocarbons were encountered.
The results from the well will be used to calibrate the seismic interpretations in the licence, which "still contains promising exploration targets", said Faroe.
The Bister well is operated by Statoil with a 35% stake, using the Transocean Spitsbergen drilling rig, with partners GDF SUEZ E&P Norge AS holding a 15% stake, E.ON E&P Norge AS holding a 17.5% stake, Core Energy AS with a 22.5% stake and VNG Norge AS holding the remaining 2.5% stake.
The Bister well will now be plugged and abandoned as planned.
Faroe shares fell 2.8% to 79.25 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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