Independent oil and gas company Faroe Petroleum announced the Cassidy exploration well in the Norwegian North Sea will be plugged and abandoned following "disappointing" results.
The well 8/10-7S within the PL405 Oda licence encountered 13 meters of water bearing Jurassic Ula formation sandstones, Faroe said. Data acquisition has been undertaken. The well was drilled to a measured depth of 3,100 meters using the Mærsk Interceptor rig and will now be plugged and abandoned as planned.
Co-venturers in the Oda PL405 licence are Faroe (15 percent), Spirit Energy Norge AS (40 percent and operator), Suncor Energy Norge AS (30 percent) and Aker BP ASA (15 percent).
Faroe's CEO Graham Stewart, CEO, said, "Whilst the result of the Cassidy well is disappointing, Faroe has maintained its above average exploration success rate in 2018 with two commercial discoveries out of four wells so far this year: Iris Hades in Norway (Faroe’s largest discovery to date); and Agar in the U.K.
"We remain active over the coming months, with the Brasse East well currently drilling, and a further three exploration and appraisal wells so far committed for drilling in H1 2019."
