Norwegian oil and gas explorer Wellesley Petroleum has failed to find hydrocarbons at its Goanna exploration well offshore Norway.
The well, located in licence PL 881 in the Norwegian North Sea, was spud in late August. It is operated by Wellesley with 70% interest and the remaining 30% interest is held by Faroe Petroleum.
Faroe informed on Tuesday that drilling had reached the target depth on the exploration well 33/9-22 S.
The Goanna well has been drilled to a total depth of 2,730 meters. The well encountered approximately 49 meters of gross water bearing reservoir in the primary target, the Upper Jurassic Munin Formation sandstones. Data acquisition including logging and pressure points has been carried out.
The Goanna exploration well was drilled using the semi-submersible drilling rig Deepsea Bergen. The well is now being plugged and abandoned as planned.
Faroe said that the well cost was expected to come in below budget and as such Faroe’s associated costs will be fully carried by its joint venture partner.
Graham Stewart, Chief Executive of Faroe Petroleum, commented: “While we are disappointed that no hydrocarbons were present in the Goanna prospect, the well provides important new data and information which will allow further evaluation of this new area for Faroe, and in addition the company’s associated drilling costs have been fully covered.
“Our exploration program continues with the Iris/Hades (Aerosmith) exploration well and Fogelberg appraisal well scheduled for the end of the year and the beginning of 2018, taking advantage of low drilling costs and Norwegian tax incentives.”