Faroe upbeat despite dry Darwin well

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Oil and gas explorer Faroe Petroleum today said it would press ahead with further evaluation work in the Barents Sea despite declaring its Darwin exploration well as dry.

The Aberdeen-based firm said the well, which was the first to be drilled in the licence area, was aimed at finding hydrocarbons in the Paleocene and Upper Cretaceous reservoirs.

Although signs of gas were recorded in the Paleocene interval, chief executive Graham Stewart said no hydrocarbons were found in the Cretaceous and the well has been declared as dry.

He added: “We are pleased that this frontier well proved the existence of a working hydrocarbon system in the licence area.

“It is disappointing that no hydrocarbons were present in the Cretaceous section at this location, however it does provide important new data and information which will allow further evaluation and de-risking of this extensive licence in the Barents Sea province in which Faroe has a strategic position.”

Stewart said Faroe had an “exciting” drilling programme lined up for 2013 and beyond, with five wells planned for this year in Norwegian waters and the UK North Sea.