Oil and gas independent Faroe Petroleum has spudded the first of two new back-to-back wells on the Centrica operated Butch East licence in the Norwegian North Sea.
The Butch Main discovery – in which Faroe has a 15% interest – was made in late 2011 and contains a significant presence of light crude oil.
Centrica is currently working on a development plan for the Butch Main discovery, in parallel with drilling the Butch East and Butch South West wells.
“Butch East is the third well to spud in our near-term six well exploration programme,” Faroe chief executive Graham Stewart said.
“With material equity stakes held in a portfolio of excellent quality licences across the prolific North Sea, Norwegian Sea and Norwegian Barents Sea, Faroe Petroleum has the real potential to generate considerable shareholder value through our sustained programme of exploration and appraisal drilling.”
