Faroe Petroleum revealed today that its Brasse East exploration well in the Norwegian North Sea had not hit oil.
But the Aberdeen-headquartered firm said its appraisal sidetrack on the Brasse field had lived up to expectations.
It follows last month’s disappointment with the Cassidy exploration well offshore Norway.
London-listed Faroe previously said it hoped Brasse East would provide “upside potential” for the Brasse field development.
The company discovered Brasse in 2016 and drilled an appraisal well in 2017. Faroe booked net 2P reserves at 30.7 million barrels of oil equivalent at Brasse in early 2018.
The business says it is on track for first oil from Brasse in 2021-22.
Norwegian firm DNO, which is trying to take over Faroe, has cast doubt on the firm’s ability to deliver Brasse on time and on budget.
The Transocean Arctic rig found that the Brasse East reservoir had “excellent properties, but was found to be water wet”.
But the sidetrack, to northern part of the Brasse field, ran into 40 metres of gross hydrocarbon-bearing Jurassic reservoir.
Further wireline logging is ongoing which will be incorporated into the final well results.
Faroe operates and owns 50% of Brasse, with Var Energi as its partner.
Faroe chief executive Graham Stewart said: “Although no hydrocarbons were present in the Brasse East prospect we are pleased with the results of the appraisal sidetrack which confirms hydrocarbons within the northern part of the Brasse field, as expected.
“In addition, the excellent sand quality in the Brasse East exploration well has reduced the reservoir risk of the Brasse extension exploration prospect located to the north east of the Brasse field.”